Activist investor Central Square Management takes PICO Holdings (NASDAQ: PICO) to task in a recent letter. It owns 5.7% of the company. It calls for a reconstitution of the PICO board and sale its stake in UCP (NYSE: UCP), the publicly traded homebuilder.
Central Square says the value of its UCP stake alone is $14 a share and well above PICO’s $11 a share.
Here’s the full Central Square-PICO letter.
Leder Holdings put out a letter in July [here] and River Road owns 9% and has been active since the summer [more here]
Highlights on unlocking PICO’s value from the Cental Square letter:
