Open letter to Ubisoft

BrotherMaynard · September 10

From AAAAAAA games, rosy stories told by the Ubisoft's C-suits, bribed Youtubers and sycophantic reviews, here's news from the real world:

A minority shareholder, AJ Investments (a hedge fund) has published an open letter to Ubisoft, calling other minority investors to mobilise against the Guillemot family and Tencent, take the company private, restructure it, replace its leadership and increase its value.

There are quite a few juicy bits in the letter, well worth a read. How about these:

Ubisoft at current state is mismanaged and shareholders are hostages of Guillemot family members and Tencent who take advantage of them. We cannot understand the decision-making process of current management that is focused on releasing multiple average games per year that are harming Ubisoft's reputation among gamers community.
We believe that Guillemot family and Tencent are discounting potential value of Ubisoft in order to buy more shares at lower valuation and eventually take full control of the company at heavily discounted valuation.
In our view, recent delays of certain titles there are creating uncertainty amongst investors is beneficial for Guillemot and Tencent in order to acquire more shares at even discounted valuation as Ubisoft is currently trading close to 15 EUR per share lowest point since 2015.
Guillemot family and Tencent owns more than 25% shares and 29,63% of voting rights of Ubisoft. So minority shareholders own roughly 70% of the company. Based on our talks with other shareholders we believe that we have enough voting power to challenge Guillemot’s.
We will use the French minority law to collect enough shareholders to start proxy fight and initiate SALE PROCESS of Ubisoft to increase shareholder value for all shareholders.

The whole Ubislop saga is getting more interesting. Let's see how successful AJI will be with other smaller shareholder - I can't imagine there are many of them satisfied with the share price tanking harder than the Titanic.