Getty Images (NYSE:GETY) stock is on the rise Friday as investors take note of Trillium Capital seeking a seat on the company’s board of directors.
Trillium Capital believes that Getty Images can do better than it currently is and unlock more value for shareholders. This has it seeking to add managing partner Scott Murray to the GETY board of directors.
Trillium Capital points out that it’s already an investor in GETY stock. The company currently holds more than 500,000 shares of the stock and stock equivalents. The firm believes that GETY should be trading above $12 per share, as compared to its closing price of $6.27 per share on Thursday.
Murry said the following about his plan to join Getty Images’ board of directors:
“I am thrilled to have the opportunity to join the Board of Getty. If elected I would continue to hold shares of the Company that I own and would accept no compensation for my services on the Board.”
What This Means for GETY Stock
Trillium Capital is pushing for major changes at GETY with its call for a board seat. That includes the possibility of the company selling itself. This is one of the options it presents as a way to maximize shareholder value. However, first shareholders will have to vote Murry in during the annual shareholder meeting before anything can happen.
GETY stock is up 3.9% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
