Investor pushes for Valaris shareholders meeting amid ‘grave concerns’ about performance

Luminus, the investment advisor to funds and accounts that own approximately 18.7% of the equity of Valaris, on Wednesday issued a letter to Valaris shareholders expressing grave concerns regarding years of persistent strategic, operational and governance failures at the company and the immediate need to upgrade the board.

Luminus expressed its view that Valaris’ stock could be worth more than four times current trading levels if the company was appropriately governed and shareholders had renewed confidence in its future direction.

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