Robotti & CompanyLetter2 Dec 2009Source: advisors.robotti.com

Letter to the Board of Acergy S.A.

Robotti & Company is a New York deep-value boutique founded by Bob Robotti in 1983, specializing in left-for-dead cyclical industries — energy services, building products, shipping — with multi-year holding periods and occasional activist letters. It manages about $650m; Bob is regarded as one of the most steadfast Graham-tradition cyclical value hunters.

Bob Robotti · 1983 · 美国纽约Deep value / cyclical

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维权投资者向阿塞吉（Acergy S.A.）董事会发出公开信，要求公司立即启动战略审查并考虑分拆低利润业务板块。信中指出管理层资本配置严重失误，将大量自由现金流投入回报率远低于行业平均的深海工程领域，导致公司估值长期折价，且未采取任何提升股东价值的行动。

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