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Blackwells Capital Reiterates the Need for Immediate Leadership Changes at IHS Holding Limited
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Blackwells Capital calls for leadership changes at IHS Holding Limited
Positive
Blackwells Capital urges reconstitution of the Board of Directors and replacement of CEO and Chair Sam Darwish
Shareholders voice concerns with governance, operational, and strategic failings at IHS
IHS' share price dropped nearly 82% to date
MTN Group transfers Nigerian tower contracts from IHS to American Tower
IHS reports a $1.25 billion loss in Q2
Board and CEO criticized for lack of accountability and proper disclosures
Negative
None.
Believes the Board’s Complacency and Unwillingness to Hold CEO and Chair Sam Darwish Accountable in the Face of Ongoing Value Destruction Must End
Calls on the Board to Urgently Reconstitute in Order to Address Disclosure Issues, Governance Failings and the Need for a New CEO
Blackwells is Prepared to Take Necessary Legal Steps Should the Board Choose Entrenchment Over Acting in the Best Interests of All Shareholders
NEW YORK--(BUSINESS WIRE)--
Blackwells Capital LLC (together with its affiliates, “Blackwells”), a long-term shareholder of IHS Holding Limited (NYSE: IHS) (“IHS” or the “Company”), today issued a statement regarding the urgent need for leadership changes at IHS, including a reconstitution of the Company’s Board of Directors (the “Board”) and the replacement of the CEO and Chair Sam Darwish.
Jason Aintabi, Chief Investment Officer of Blackwells, commented:
“Since IHS’ initial public offering nearly two years ago, we have observed large-scale governance, operational and strategic failings which continue to impact the value of our investment. In past communications, we have called for CEO and Chair Sam Darwish to step down, while voicing our serious concerns with an inept Board kowtowing to his whims. Even the most basic suggestions have been met with resistance, despite the Company’s share price dropping nearly 82% to date and a growing wave of unaffiliated shareholders voicing their concerns with the Company’s failings.1 Just last week, MTN Group Ltd. announced it is transferring approximately 2,500 Nigerian tower contracts from IHS to American Tower – meaning the state of affairs has grown so dire that IHS’ largest investor would rather send business to a direct competitor than support the Company.2 This unwelcome event comes on the heels of IHS reporting a nearly $1.25 billion loss in the second quarter, much of it the apparent result of foreign currency losses despite assuring investors that its exposures were mitigated with effective hedging strategies. Further, leadership incurred these losses in Nigeria – the same country where IHS is now poised to lose its tower leases – and did nothing to offer shareholders a meaningful explanation for such abysmal financial results.”
Mr. Aintabi continued:
“What is clear to Blackwells is that the status quo at IHS cannot continue – as the Company’s share price decline of more than 30% in the past two days alone demonstrates. This Board and Mr. Darwish must no longer be allowed to hide behind Cayman law to avoid accountability and proper disclosures. We believe the Board must be reconstituted immediately with shareholder-designated directors and that the process to appoint a new CEO must begin in the near term. Only then can the hard work begin of cleaning up the mess that this Board and its current CEO have perpetuated since day one.
Blackwells is hopeful that the Board will recognize the will of shareholders and act promptly. However, should the IHS directors instead choose to continue entrenching themselves and squandering shareholder capital in the process, we have taken steps to initiate proper legal action to ensure that leadership changes this Company so desperately needs can occur.”
Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance and real estate enterprises. For more information, please visit www.blackwellscap.com.
ihs towers is the largest independent mobile telecommunications infrastructure provider in europe, africa and the middle east. founded in 2001, ihs provides services across the full tower value chain – including tower sharing and colocation on owned towers, managed services, deployment and site ownership. additionally, ihs oversees all aspects of telecommunication network construction; ranging from site acquisition and design, equipment supply, electromechanical installation, integration and testing. today ihs towers has operations in nigeria, cameroon, côte d’ivoire, zambia and rwanda. following the recent acquisitions of mtn and etisalat’s tower portfolios in nigeria, ihs owns over 23,300 towers in africa. ihs maintains a depth of technical and industry knowledge that is unparalleled in the current market place and has a 14 year track record owning and managing long term relationships with international telecom operators such as mtn, etisalat, orange and airtel. ihs is backed by a st