Disappointing results at Texas-based petrochemicals company Trecora Resources have promoted activist hedge funds Ortelius Advisors, to pen an open latter to investors, according to a report by Opalesque.
The letter also claims that Trecora has refused to consider a a series of proposals and director candidates put forward by Ortelius, something Trecor has denied.
Ortelius is currently the the company’s largest shareholder with an 11.3 percent holding of the company’s outstanding common stock.
