Sunningdale says will consider Quarz proposals; prefers to focus on fundamentals

SINGAPORE (Dec 13): Precision plastic components manufacturer Sunningdale Tech says it believes focus on the fundamentals of its business will bring greater benefit to shareholders over the long run than raising its dividend distribution.

“Whilst the Board does not ignore the share price movement, we believe that our unwavering focus on the fundamentals of our businesses will bring more enduring long-term value accretion to our shareholders,” Sunningdale says in a filing to SGX after market close on Thursday.

Sunningdale’s statement was in response to an open letter published Dec 13 by activist hedge fund Quarz Capital Management, which has an almost 5% stake in the company.

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