January 25, 2021 – On December 28, 2021, S&T issued a “detailed response1” to our report on the company. The response leaves numerous questions wide open and pathetically deflects several key concerns outlined by Viceroy.
Viceroy welcomes the announcement of an independent forensic investigation by Deloitte and S&T’s commitment to publish the findings. We encourage stakeholders to move for the publication of the report in full instead of an abridged format to avoid any omission of findings.
We reiterate our belief that the company is a roll-up of low-quality, labor intensive “IoT” assets, often acquired under fire-sale circumstances.