(Bloomberg) -- One of the largest shareholders in Collectors Universe Inc. is seeking to replace its board, arguing the company could be worth $100 a share within the next three years under the right leadership. Failing that, it believes the company -- which opened at $26.99 Thursday -- should consider going private.

Alta Fox Capital Management, which owns a 5.4% stake in the authentication company, argued in a letter to shareholders Thursday that there are several levers it could pull to drive operational efficiency, profitable digital innovation, and shareholder engagement. But, in order to do so, it said it needs a more engaged board.

The firm has nominated six directors to the five-member board in order to ensure it has enough candidates to replace the board if it were expanded ahead of its annual general meeting, which was held in December last year.

While discussions with Chief Executive Officer Joseph Orlando have been “amicable,” the rest of the board was “largely uninterested in listening to its suggestions” and said it would no longer engage with Alta Fox, the firm said in a letter reviewed by Bloomberg.

“We were disappointed by such a dismissive response to a large shareholder, which heightened our concern that the board is not acting in the best interests of shareholders,” said Connor Haley, Alta Fox managing partner.

A representative for Collectors Universe wasn’t immediately available for comment.

Authentication Services

Collectors Universe provides authentication and grading services for collectors of coins, trading cards, sports memorabilia and autographs. The shares have risen 39% in the past year, giving the company a market value of about $250 million.

Alta Fox argues the company is undervalued and that a refreshed board could work with management on improving its core grading business, including expanding digital offerings. It argues the company has failed to innovate while competitors have started offering services like unique marketplaces, inventory storage and pricing analytics on collectibles.

“The second option is to slash public company costs and go private,” Haley said. “We believe there would be many strategic and financial buyers.”

In addition to Haley, Alta Fox’s nominees include Nat Turner, Lorraine Bardeen, Damian Blazy, Judy Krandel, and Susanne Meline. Turner, appointed to Jared Kushner’s ad-hoc task force to combat the coronavirus ealier this year, is an avid collector and owns one of the prodigious Michael Jordan trading card collections in the world.

“Our nominees are highly qualified and can bring sorely needed leadership, particularly in the areas of corporate governance, investor relations, M&A experience, and digital transformation,” Haley said.

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