Open Letter to Concordia International Corp.

    September 18, 2016

    It is now clear that shareholders have completely lost confidence in Concordia’s leadership. The stock price has lost approximately 90% of its value under the current board and CEO. The capital market’s reaction to a number of decisions or steps taken by the current management and board can only be described as disbelief, distrust and disappointment. Given this backdrop, we propose the following 4-point action plan:

    1. Replace the current CEO and board in order to restore credibility
    2. Terminate the so-called strategic review. Even if this process finally resulted in some type of transaction, we do not believe it would be on favourable terms given the significant value destruction in the past few months
    3. Clearly articulate debt reduction plan. Sell assets and/or recapitalize, if necessary
    4. Under-promise and over-deliver. We have no interest in seeing another negative press release or feeble attempt at “communication” that only shocks and disappoints the market.

    P. Carleton
    Investor and founder,