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      "text": "Share price underperformance has occurred despite no significant change in the operational outlook for ArborGen or Tenon leading us to believe that the primary cause for the underperformance was the mis-management of both the ArborGen IPO and shareholder expectations with respect to Tenon.",
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      "text": "The mis-management of the ArborGen IPO was significant in our opinion. Among the worst offenses: An executive team that seemed ill-prepared to communicate the excitement of the ArborGen story; Prospective shareholders and potential research analysts categorizing ArborGen as a forestry business as opposed to a revolutionary, high-growth biotech with multiple end markets and end customers; and A junior, indifferent underwriting team that did little to identify and target the correct prospective shareholder base for a unique asset such as ArborGen.",
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      "text": "The mis-management of expectations with respect to Tenon was primarily related to the following: Consistent reduction in EBITDA estimates with a slow moving “One-Company” efficiency program; Uncertainty around corporate leadership with CEO resignation last April; Poor execution of FX hedging program; and Stale corporate marketing and virtually no sell-side coverage.",
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      "text": "As a result, we believe it is prudent to have direct shareholder representation on the Board of Directors.",
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      "text": "Share price underperformance has occurred despite no significant change in the operational outlook for ArborGen or Tenon leading us to believe that the primary cause for the underperformance was the mis-management of both the ArborGen IPO and shareholder expectations with respect to Tenon.",
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      "text": "Regardless of these issues, we believe there is significant strategic value in both Tenon as one of the largest, vertically-integrated distributors of building products in the US (with an enviable position at Lowes) as well as ArborGen as one of the only global biotech plays focused on the genetically modified tree seedling market (with the possibility of being the Monsanto of its biotech niche.)",
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