Voce Capital addresses Argo's 'attempted justifications for misuse of assets'
Voce Capital Management LLC, the beneficial owner of approximately 5.6% of the shares of Argo Group International Holdings, commented on recent statements made by Argo, including in materials accompanying its definitive proxy statement: "On February 25, 2019, after Argo's Board of Directors attempted to end-run our private discussions with it by unilaterally, and invalidly, stacking its Board with more hand-selected directors, we elected to bring our concerns about Argo's governance, performance and prospects directly to our fellow shareholders in the form of a detailed and substantive letter. It's not surprising to us that Argo's recently-issued letter to shareholders is replete with selective and misleading attempts to explain away the multitude of issues that Voce has raised with respect to the Company's excessive expenses and misuse of corporate assets. After a careful review of Argo's materials, we believe that its responses raise yet more questions - questions to which shareholders deserve honest and complete answers... Voce will be releasing a detailed plan next week outlining how to unlock significant additional value at Argo by dramatically improving operations and capital allocation. We look forward to discussing this plan in detail with our fellow shareholders. We believe that the five highly-qualified, independent director candidates that we have nominated for election to Argo's Board will restore accountability, independence and integrity to the Company. Our nominees are Bernard C. Bailey, Charles H. Dangelo, Admiral Kathleen M. Dussault, Carol A. McFate and Nicholas C. Walsh. We look forward to the opportunity to make our case to Argo shareholders at this year's Annual Meeting."