Activism

How the money is made

• 1The activist discloses the stake on crossing the legal threshold.
• 2It publishes its thesis: what it believes the company is worth and what should change.
• 3It applies pressure through its chosen route: the AGM, the press or private talks.
• 4Value only surfaces if the campaign actually lands the change.

What to watch

• Disclosed percentage and the average price paid.
• The activist's record: how many campaigns run, and how many won.
• Whether it wants board seats or an outright sale.
• Ownership structure: the weight of the core holders versus the free float.
• AGM dates, where this is genuinely decided.

Typical risks

• The campaign fails and the price gives back the announcement pop.
• Timelines are open-ended: this can run for years.
• Management entrenches behind defensive measures.
• The activist tires, sells and walks away.