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Albion River Comments on Recent Statement from Ducommun Board
[April 22, 2024]

Albion River Comments on Recent Statement from Ducommun Board


Today, Albion River LLC issued the following statement:

"Albion River LLC's affiliate Ignium LP ("Albion") continues to acquire shares in Ducommun Incorporated (NYSE: DCO) ("Ducommun" or the "Company") and now owns over 9.2% of the Company's outstanding shares.1 Albion owns more shares in Ducommun than all of management and the Board of Directors combined.

Ducommun's stock hit a 52-week high once Albion's bid was disclosed by the Company. Since then, Ducommun has dropped 11% following the Company's declaration it "is not for sale".2 Respectfully, this decision rightfully resides with the owners of the Company, the shareholders.

Albion would like to thank the numerous key stakeholders who have reached out to express their support in our efforts to acquire Ducommun. The Board of Directors has an obligation to evaluate all offers for the Company. Abion encourages management to disclose other offers it may have received that the Board of Directors and public may not be aware of.



The Company's press release in response to Albion's bid reflects a belief that $60 / share does not represent fair value. Therefore, consistent with executive compensation best practice, the Company's Board of Directors should ensure any new stock-based compensation be converted to options at a $60 strike price to limit shareholder dilution and further align management to maximizing shareholder value. Planned stock issuances below $60 are inconsistent with the Company's stated position as of April 16th.

Albion continues to believe that public markets are not an appropriate setting for Ducommun to execute its strategy and maximize shareholder value. We are committed long-term shareholders of the Company and intend to make our case directly to shareholders in due time.


We look forward to engaging with shareholders and members of the Board of Directors at the upcoming Annual General Meeting on April 24th."

1 Ducommun ownership percentage information based on the number of shares outstanding as of February 26, 2024, as set forth in Ducommun's proxy.
2 Based on 52-week high ($58.19) and closing price on April 19, 2024 ($52.02).


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