#Bermuda #Braemar Hotels #Pembroke #Monty Bennett #Al Shams Investments

Al Shams Investments Challenges Braemar's Distracting Tactics

Al Shams Investments Limited has issued a statement in response to Braemar Hotels & Resorts Inc.'s recent attempt to divert attention from critical shareholder concerns. This refutation arrives amid ongoing tensions regarding corporate governance and accountability within Braemar, where Al Shams stands as the largest shareholder.

Wafic Rida Saïd, the Ultimate Beneficial Owner of Al Shams, expressed his deep disappointment over Braemar's shift towards personal attacks rather than confronting legitimate governance issues raised by investors. He underscored that these tactics appear to be those of individuals trying to evade scrutiny rather than demonstrating transparency.

A Call for Accountability

Saïd pointed out that Braemar's chairman, Monty Bennett, has shown a pattern of disregarding shareholder interests, particularly through decisions leading to the sale of three hotel properties. These transactions have allegedly resulted in a staggering $480 million termination fee owed to Bennett's controlled entity. This issue has prompted Al Shams to voice its concerns and request clarifications directly from Braemar, which have been met with resistance.

In light of the lack of response from Bennett, Al Shams has resorted to legal remedies, procuring court authorization for subpoenas to uncover the truth behind these contentious decisions. Saïd emphasized that such scrutiny is necessary, especially when Braun's stock has plummeted from approximately $20 to around $2 per share since its spin-off from Ashford Inc. in 2013, while Bennett has profited immensely.

Defending Reputation Against Baseless Claims

The statement also addressed the derogatory assertions made against Saïd, including inaccurate portrayals linking him to arms trading. Saïd firmly denied these accusations, clarifying his role in negotiating significant export agreements rather than engaging in arms dealings. He reiterated that his professional history has been unjustly manipulated in a bid to undermine his credibility.

Al Shams stresses that its primary goal is to safeguard the interests of shareholders by advocating for clarity and ethical governance. They urge Bennett to prioritize the wishes of the shareholders, suggesting that a reckoning at the forthcoming annual meeting is overdue. This includes a discussion not only about company operations but also concerning the controversial termination fees linked to the recent property sales.

Seeking Transparency

Saïd concluded by asserting that Al Shams has no interest in engaging in personal insults. Instead, their focus remains on achieving transparency and ensuring accountability in corporate governance. They are confident that the legal processes will unveil the facts necessary to restore integrity and trust in Braemar's leadership nervous about the outcome.

As anticipation builds towards the upcoming depositions, Al Shams reiterates its commitment to decoupling personal narratives from vital corporate inquiries. The investors deserve clear answers about their investments and management decisions affecting their financial futures.

Moreover, Al Shams intends to file a definitive proxy statement with the SEC to solicit support from other shareholders for the upcoming annual meeting. This step underscores their proactive approach toward shareholder activism and commitment to restore proper conduct within the company.

In conclusion, the developments surrounding Al Shams and Braemar serve as a crucial juncture in their relationship, highlighting a growing demand for accountability in corporate governance.

About Al Shams Investments Limited

Al Shams Investments Limited, based in Bermuda, is dedicated to managing global investments across private equity, real estate, and a diverse range of alternative asset classes, continuously striving to enhance value for its shareholders.