“As TON Strategy’s largest shareholder, we believe that the bo…

“As TON Strategy’s largest shareholder, we believe that the board of directors is not taking sufficient measures to increase shareholder value,” — Manuel Stotz and Kingsway Capital in a letter to TON Strategy’s board of directors.

Manuel Stotz, former president of the TON Foundation, published a letter from Kingsway Capital to TON Strategy. The letter notes that a 44% discount to the book value per share is unacceptable and that the share buyback has been implemented only to a limited extent (the company had previously announced its intention to repurchase $250 million worth of shares). Kingsway Capital owns 22% of TON Strategy’s shares, which is worth approximately $40 million.