BOSTON, (Reuters) – An activist investment company Ortelius Advisors is seeking to control Trecora Resources’ board of directors. According to Reuters, six directors have been nominated by Ortelius Advisors.

Peter DeSorcy is the founder of Ortelius and he has criticised how it spent capital previously. He said that there are several ways Trecora can boost its lagging share prices, such as “organic corporate finance”, inorganic solutions, and even strategic alternatives.

Numerous activist shareholders push U.S. corporations, ranging from Kohl’s (NYSE 🙂 and Peloton (NASDAQ :), to think about a sale. Dealmaking will likely remain strong in 2019 after a record breaking 2021.

DeSorcy addressed shareholders and called Trecora’s stock price “consistently terrible” and stated that he didn’t think the board of seven members could make good decisions.

DeSorcy’s letter stated that “incremental changes – like adding one or more directors to your board – are woefully inadequate to reverse a culture which lacks accountability.”

Trecora representatives were not available immediately for comment.

Trecora’s largest investor is Ortelius, who holds an 11.3% share of the Sugar Land-based company. Bradley Radoff (an activist investor and former Third Point executive) is another large investor in Trecora. He filed a 13D last year which hinted at a proxy fight or acquisition.

The executive nominees were from the chemical industry and have a history of restructuring. They also had investment management experience.

DeSorcy highlighted Trecora’s strengths including its excess capacity and first-class facilities. However, he stated that $183 million of investments made in 2014 and 2018 had had “no discernible effect on the company’s financials.”

Trecora’s stock market price rose by 15% in 2021. However, it was below the wider Russell 3000 Index that grew 25.6% over last year. Trecora has seen a 33.52% decline in stock prices over the past five years.