Forager Fund increased its stake after reaching agreement with Delta Apparel, Inc (DLA)

Key Summary: In Oct 2023, Forager Fund planned director nominations for 2024 AGM. In Dec 2023, they cooperated with the company, appointing Timothy Brog as an independent director for the 2024 AGM and withdrew director nominations.

Market Cap: $51 million | Delta Apparel, Inc., through its subsidiaries, designs, manufactures, sources, and markets activewear and lifestyle apparel products in the United States and internationally.  

Background

• On October 11, 2023, Forager Fund (4.9%) sent a letter to the company, stating its intention to nominate four directors for election at the 2024 AGM. Source

• On December 14, 2023, Forager Fund (6.8%) entered into a cooperation agreement with the company and pursuant to it, the company agreed to appoint Timothy Brog as a new independent director on the Board, to serve for an initial term expiring at the 2024 Annual Meeting. The Company also agreed to include Mr. Brog among the Company’s slate of director nominees for election at the 2024 Annual Meeting. Forager also agreed to withdraw its notice of shareholder nomination of individuals for election as directors at the 2024 Annual Meeting. Source

Update

On December 14, 2023, Forager Fund increased its stake to 8.3%.