Good evening,

Articore Group, the e-commerce group once known as Redbubble, has a familiar activist on its back. A year after shareholder Michael McConnell, an associate of hedge fund Osmium Partners, made an unsuccessful bid for a board seat for the online arts and decor marketplace, the firm is back for round two with a more aggressive posture.

Street Talk understands the fund, which controls 9.3 per cent of the register, is preparing to kick off its own non-endorsed board run, seeking four of Articore’s nine board seats. This will come in the form of a public letter writing campaign ahead of a shareholder meeting, outlining what it sees as the board and management’s missteps.

Osmium isn’t shy about its long-term vision for Articore, promising to seek an immediate sale should it gain control of the board.

Osmium landed on Redbubble’s register in 2017. Street Talk understands its interest was spurred by its stake in rival, US-listed Leaf Group, whose primary asset is Society6, and a desire to put the two companies together.

Among those it will be asking for support is Spheria Asset Management, which joined the register in April 2023 and was substantial by August. Articore co-founder Martin Hosking controls 14.5 per cent, but we suspect we know which way he’ll be voting. Then there’s venture capital firm Blackbird which took Redbubble to IPO in 2016, and UK-based Piton Capital.

Read the full story tomorrow and more on the Street Talk page.

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