COLD News & Events

Sieve Capital, a shareholder of Americold Realty Trust, issued an open letter urging shareholders to vote "AGAINST" the reelection of Mark Patterson and Andrew Power to the Company's Board of Directors at Americold's upcoming Annual Meeting of Shareholders. The firm said, in part, "Sieve believes it is in the best interest of the Company and all of its shareholders to vote "AGAINST" the reelection of Chairman Mark Patterson and Director Andrew Power at the Annual Meeting scheduled to be held on May 18, 2026. Since these long-time associates and colleagues joined the Board in 2018, they have presided over ineffective capital allocation, poor governance and significant value destruction. Put simply, their decisions and oversight have clearly had a punishing impact on the Company's relative performance and total shareholder returns...In Americold's recently filed proxy statement, the Company claims that its Nominating & Corporate Governance Committee - which is chaired by Mr. Patterson - evaluated the aforementioned issues before it "reconfirmed its decision that Mr. Patterson is the right leader for the Board".6 We find this decision particularly troubling. Shareholders should question the integrity of every member of the Board that voted to renominate Mr. Patterson and reaffirm his position as Chairman of the Board. Shareholders are also being asked to believe that Mr. Patterson's experience as a director and in real estate represents a benefit, despite the fact that his purported experience has delivered nothing of value for shareholders over the past eight years. The proxy statement also suggests that the Board unanimously supports Mr. Patterson's re-election, leaving us in disbelief. Given what we deem to be questionable and sparse disclosures in the proxy statement, we believe shareholders should find the Board's level of candor and transparency completely insufficient. At bottom, we contend there is no reason for shareholders to continue supporting the Patterson-Power domination of the Board. Americold's sustained value destruction under their watch speaks for itself. By voting "AGAINST" the re-election of Messrs. Patterson and Power, we believe shareholders will rid the Board of negative influences and send the rest of the Company's leadership a clear message about the importance of focusing on viable paths to value creation."

Sieve Capital, a shareholder of Americold Realty Trust, announced that it is "reluctantly" initiating a public campaign focused on Chairman Mark Patterson and his boardroom allies. The firm said, "Last week, in a private letter that the Board of Directors has not acknowledged, Sieve detailed its serious concerns pertaining to Mr. Patterson's documented history of apparently problematic boardroom behavior and poor strategic decisions at Paramount Group, Digital Realty and Americold. In the correspondence, Sieve specifically asked the Board to strip Mr. Patterson of his Chairman position and not nominate him for re-election at Americold's upcoming Annual Meeting of Shareholders. If shareholders take the time to review publicly available information pertaining to Mr. Patterson's history as a fiduciary, we believe they will conclude there is no basis or justification for him remaining involved with Americold. We are particularly concerned with allegations pertaining to Mr. Patterson's tenure at Paramount Group, where he once received less than a majority of votes cast by shareholders at an annual meeting before being unilaterally re-added to the board of directors by seemingly friendly leadership. In addition, according to public reports, the Securities and Exchange Commission is currently investigating financial dealings between Mr. Patterson and his reported ally and former Paramount Group CEO, Albert Behler. Given that Americold's Board currently includes other Patterson allies, including Digital Realty CEO Andy Power, we are concerned that Mr. Patterson has imported poor governance practices into the Company's boardroom. It is equally important to stress that Americold has already suffered unacceptable total shareholder returns of approximately -50% during Mr. Patterson's chairmanship. Additionally, Sieve announced today that it is calling on the Board to pivot from assessing '[p]otential asset sales and joint ventures' to reviewing all strategic alternatives. In our view, Mr. Patterson has driven the Board to focus on short-sighted transactions that would entrench him and his allies. However, we believe sophisticated shareholders should be well aware that joint ventures are double-edged swords that can drain companies of cash flow and limit their long-term optionality. Based on public reports about parties wanting to acquire all of Americold or the entirety of the Company's international operations we do not understand how a majority of the Board could oppose publicly announcing a comprehensive review of all strategic alternatives."