Voce calls for urgent change in Air Methods board

Voce Capital Management has sent an open letter to Air Methods, calling for “urgent change” to help reverse underperformance and unlock stockholder value.

Voce is a shareholder in the Colorado based air ambulance company Air Methods. The investor is threatening to elect new independent directors at the 2017 annual shareholder meeting if the current board of directors continues to “refuse to work” with Voce.

Voce suggest that Air Methods did not fulfil previous obligations to change the board so that directors would be elected for one-year terms going forward.

In the letter, Voce estimates that the company currently trades at under seven times its EBITDA and twelve times earnings.

Voce says that stockholders suffered a -24% loss in stock during 2016 having previously dropped -4.8% in 2015 and -24.4% in 2014.

In response, Air Methods began discussions of a potential sale, according to Voce. This report saw shares in Air Methods jump from $35.70 to $38.40, currently settled at 37.80.