Corporate GovernanceJun 4, 2026, 02:52 PM
Medallion Financial Urges Shareholders to Reject ZimCal's Proxy Bid
AI Summary
Medallion Financial Corp. is urging shareholders to vote for its current board nominees and reject ZimCal's third consecutive proxy contest. The company refutes ZimCal's claims about declining performance, stating it achieved $266 million in net income over five years and a 452% total shareholder return since its transformation. Medallion also highlights the alleged lack of relevant experience and concerning track records of ZimCal's nominees, including Eric Kelly's history of value destruction and a pending fraud lawsuit, asserting ZimCal's campaign is driven by a self-interested debt buyout agenda.
Key Highlights
- Medallion Financial urges shareholders to vote the WHITE proxy card for its nominees in the third proxy contest.
- Company achieved $266 million in net income over the last five years.
- Book value per share rose 53% since 2021, from $11.40 to $17.53.
- Net Interest Income grew at a 14.1% compound annual rate since 2021.
- Returned over $68.5 million to shareholders via dividends and buybacks since 2022.
- Quarterly dividend raised by 75% since 2022.
- Total shareholder return is 452% since the strategic transformation began.
- ZimCal's nominee Eric Kelly had a -99% TSR during his tenure at Sphere 3D.
Price Impact
More from MFIN