Daily Recap: VSXY, SNBR, GNK/DSX, KDP, FLUT, HON, FRMI

Research evidence excerpt

Daily Recap: VSXY, SNBR, GNK/DSX, KDP, FLUT, HON, FRMI

Quick Note

June 12, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 Victoria's Secret & Co. (VSXY - $78.78)michael.piccolo@wedbush.com

Shareholders Decisively Re-Elect All Nine Board Nominees, Handing a Decisive

Defeat to Activist in a Contested Proxy Fight at Annual Meeting. BBRC

International Pte Limited, the investment vehicle of Australian billionaire Brett

Blundy, launched a "vote no" proxy contest targeting Board Chair Donna James and

director Mariam Naficy, alleging ineffective oversight and poor decision-making

contributing to years of declining sales; BBRC held ~10.3M shares as of its filing

date. The Board rejected Blundy's candidacy on two separate occasions following

evaluation by its Nominating and Governance Committee, citing reputational, legal,

conflict of interest, and governance risks; VSXY characterized the campaign as

retaliatory following those rejections. Naficy subsequently informed the Board

she would not stand for re-election due to near-term professional commitments

and demands of the proxy fight; the Board initiated a search for a technology/

AI-focused replacement director. Ahead of the June 11 annual meeting, all three

independent proxy advisory firms unanimously recommended shareholders vote

FOR all nine company nominees, each concluding BBRC had not made a compelling

case for change. Preliminary results showed all nine nominees re-elected, with

James receiving ~83% approval and all other nominees receiving at least 81%.

Separately, VSXY reported 1Q'26 net sales of $1.56B (+15% YoY), exceeding

guidance, with full-year net sales guidance raised to $7.03B–$7.13B and adjusted

operating income guidance of $550M–$580M. (Press Release)