Hestia Capital Management, LLC, a significant shareholder of Pitney Bowes, disclosed on December 3, 2024, additional details regarding its Managing Member Kurt Wolf's 10b5-1 Plan. Mr. Wolf, who has served on Pitney Bowes’ Board of Directors since 2023, intends to be a long-serving director and shareholder.
The Plan allows Hestia to gradually reduce its flagship fund’s exposure to Pitney Bowes, provided the company’s common stock appreciates and hits several new share price highs in the future. This aligns the concentration of its shareholdings with its single-investment exposure limit commitments to its limited partners.
Hestia provided a table outlining ownership levels at various share price points, including potential future levels such as $8, $10, $12, $14, $16, $18, and $20+. The firm emphasized that neither Hestia nor Mr. Wolf had sold any shares of Pitney Bowes to date, indicating strong conviction in the company's potential for enhanced value creation.
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