UPCs We're Tracking - 7/14/25

We follow US proxy contests as a way to understand the impact of universal proxy card on how shareholders vote for directors. This voting behavior in turn influences how activists plan and execute these contests. At the same time, we find it interesting and useful to see which activists are doing what at which portfolio companies.

We include situations for which the activist has filed proxy materials, rather than merely filed a Form 13D or otherwise disclosed their intent to nominate directors. In the summary below, "completed" means a voting outcome, rather than settled or withdrawn.

One AGMs took place since the previous update. See below for details.

Three more proxy contests are scheduled for July 2025, with four total as the largest number in July in memory. One is set for August 2025 and three for September 2025. Three have not set AGM dates, so some of them could roll into August 2025 or later.