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Argo Group International Holdings Ltd. late Wednesday said that Voce Capital Management LLC continues to make “false and misleading statements” about the company.
Bermuda-based Argo’s response came after Voce, a San Francisco-based hedge fund with a 5.8% stake in the company, again took aim at Argo and CEO Mark Watson for what it regards as “excessive expenses and misuse of corporate assets.”
In its statement, Argo said that Voce’s intent is “to distract investors from our proven track record of delivering value for shareholders.”
Argo also said it is committed to an “open and constructive dialogue” with all its investors.
Argo said that Voce’s latest representation in its press release was “simply wrong.”
The properties identified in Voce’s press release are not corporate housing but part of Argo’s investment property portfolio, the company said in the statement.
“As previously stated, we have spent on average less than a million dollars per year over the past five years for named sponsorships, including those identified in Voce’s April 24, 2019, press release,” Argo said in the statement.
“Additionally, the flight log Voce refers to is for an aircraft that was neither owned by Argo, nor exclusively used by Argo,” the company said in the statement.
“Lastly, when our executives use corporate aircraft for personal trips, they do so at their own expense,” the statement said.
Voce Capital Management LLC, a San Francisco-based hedge fund with a 5.8% stake in Argo Group International Holdings Ltd., on Monday said it has nominated four independent candidates for election to the board of directors at the company’s 2019 annual meeting.