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Activist investor Blackwells Capital has urged Walt Disney shareholders to elect its three board candidates, arguing they would help drive growth, review real estate holdings and bring tech expertise.

Its nominees could help Disney “explore all strategic possibilities with cold eyes” including a potential separation of the company into three entities that could eventually become stand-alone public companies, it also said in a letter to shareholders seen by Reuters.

At an April 3 shareholder meeting Disney DIS-N shareholders will, under new rules, have the option of choosing from the company’s 12 nominees, Blackwells’ nominees and from two put forward by billionaire investor Nelson Peltz’s Trian Fund Management.

Blackwells is seeking to expand the board, while Trian, which is concerned about succession planning, wants its nominees to replace Disney directors. Disney has urged shareholders to re-elect its directors and not vote for the Trian or Blackwells candidates.

In the letter, Blackwells said it supports Disney CEO Bob Iger and the changes he is making but that even Iger “requires oversight and accountability”.

It said that Jessica Schell, a former general manager of Warner Bros Home Entertainment, could help Disney reach “Netflix like growth rate on subscribers and pricing for Disney+.”

Craig Hatkoff, who has real estate and capital markets experience, could help the company think about utilizing a hotel and hospitality real estate investment trust, while Leah Solivan could help with shifting consumer behaviour due to her familiarity with AR/VR trends, the letter said.

A Disney representative was not immediately available to comment on Blackwells’ letter.

Blackwells, which has been increasing its stake in the last weeks and now owns about $15-million worth of Disney shares, did not identify directors it wants to replace. Rather, incumbent board directors who lose their seats to Blackwells’ nominees should be reinstated through a board expansion, the firm proposed.

Trian, which owns a $3-billion stake or roughly 1.8 per cent of the company, wants Peltz and former Disney chief financial officer Jay Rasulo to replace Disney directors Michael Froman, head of the Council on Foreign Relations, and Maria Elena Lagomasino, a former banking executive.

In addition to better succession planning, it wants cost cuts and more creative spark.

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