<SEC-DOCUMENT>0001398344-25-006054.txt : 20250327
<SEC-HEADER>0001398344-25-006054.hdr.sgml : 20250327
<ACCEPTANCE-DATETIME>20250327090002
ACCESSION NUMBER:		0001398344-25-006054
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250327
DATE AS OF CHANGE:		20250327

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		ORGANIZATION NAME:           	06 Technology
		EIN:				383042953
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42921
		FILM NUMBER:		25775565

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GATE CITY CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001705447
		ORGANIZATION NAME:           	
		EIN:				471729190
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		8725 W HIGGINS ROAD, STE 530
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
		BUSINESS PHONE:		312-825-1228

	MAIL ADDRESS:	
		STREET 1:		8725 W HIGGINS ROAD, STE 530
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
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      <amendmentNo>3</amendmentNo>
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      <dateOfEvent>03/26/2025</dateOfEvent>
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          <com:city>Grosse Pointe Farms</com:city>
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          <com:zipCode>48236</com:zipCode>
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            <com:street2>8725 W. Higgins Road, Suite 530</com:street2>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
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        <commentContent>This Schedule 13D (this "Schedule 13D") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13D relates to Common Shares (the "Common Shares") of Saga Communications Inc (the "Issuer") held by the Funds.</commentContent>
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    <items1To7>
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        <securityTitle>Common Stock</securityTitle>
        <issuerName>SAGA COMMUNICATIONS INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>73 Kercheval Ave</com:street1>
          <com:city>Grosse Pointe Farms</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48236</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>The names of the persons jointly filing this statement on Schedule 13D (the "Reporting Persons") are Gate City Capital Management, LLC, an Illinois limited liability company and Michael Melby, Managing Member of Gate City Capital Management, LLC.  Mr. Melby is the controlling member of Gate City Capital Management, LLC.</filingPersonName>
        <principalBusinessAddress>The address of each of the Reporting Persons is 8725 W. Higgins Road, Suite 530, Chicago, IL 60631.</principalBusinessAddress>
        <principalJob>The principal business of Gate City Capital Management, LLC is to serve as an adviser to certain private investment funds and managed accounts. Mr. Melby's principal occupation is serving as the Portfolio Manager of Gate City Capital Management, LLC.</principalJob>
        <hasBeenConvicted>During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the last five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>Gate City Capital Management, LLC is an Illinois limited liability company.  Mr. Melby is a United States citizen.</citizenship>
      </item2>
      <item3>
        <fundsSource>The source and amount of funds used by the Reporting Persons in making their purchase of the shares of Common Stock owned by each of them in the aggregate was $13,770,806 using the working capital of each of the Funds.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>This Amendment No. 3 amends the Schedule 13D initially filed on January 8, 2025 and subsequently amended on March 5, 2025 and March 14, 2025.

On March 26, 2025, Gate City Capital Management ("Gate City") sent the letter attached as Exhibit D (the "Withdrawal Letter") to Saga Communications, Inc. ("Saga" or the "Company"). The Withdrawal Letter sets forth Gate City's intention to withdraw its nominees for election at the Company's 2025 Annual Meeting.

Additionally, on March 26, 2025, Gate City sent the letter attached as Exhibit E (the "March Letter") to the Company.  The March Letter highlights Gate City's continued concerns that the Company's pursuit of a digital transformation continues to have an adverse impact on the Company's financial results, operations, liquidity and share price.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>No material change.</percentageOfClassSecurities>
        <numberOfShares>No material change.</numberOfShares>
        <transactionDesc>No material change.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Other than described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Person and any other person with respect to the securities of the Issuer.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Gate City Capital Management, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael Melby</signature>
          <title>Michael Melby, Managing Member</title>
          <date>03/27/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Michael Melby</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael Melby</signature>
          <title>Michael Melby, Managing Member</title>
          <date>03/27/2025</date>
        </signatureDetails>
      </signaturePerson>
      <commentText>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.  In accordance with the requirements of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and subject to the limitations set forth therein, the parties set forth below agree to jointly file the Schedule 13D to which this joint filing agreement is attached, and have duly executed this joint filing agreement as of the date set forth below.</commentText>
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<TYPE>EX-99.D
<SEQUENCE>2
<FILENAME>fp0092831-1_ex99d.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Gate City Capital Management, LLC</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">8725 West Higgins Road, Suite 530</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Chicago, IL 60631</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(312) 825-1228</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 26, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">VIA EMAIL AND CERTIFIED MAIL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Corporate Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Saga Communications, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">73 Kercheval Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Grosse Pointe Farms, Michigan 48236</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Re: Withdrawal of Intent to Nominate Directors at the Company&rsquo;s 2025 Annual Meeting of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To Whom It May Concern,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gate City Capital Management, LLC (&ldquo;Gate City&rdquo;) formally withdraws our nominees for election as directors to the Board of
Directors (the &ldquo;Board&rdquo;) of Saga Communications, Inc. (&ldquo;Saga&rdquo; or the &ldquo;Company&rdquo;) at the Company&rsquo;s
2025 Annual Meeting of Shareholders. The Gate City nominees (the &ldquo;Nominees&rdquo;) were Michael T. Melby, Nicholas J. Bodnar, Ryan
A. Hornaday, and Christopher T. Young. Please remove them from the proxy card. We will not run a proxy solicitation for these Nominees.
Please reach out to our counsel with any questions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Michael Melby</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Founder and Portfolio Manager</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 4%">Cc:</TD>
    <TD STYLE="font-size: 11pt; width: 96%">Saga Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Bradley J. Wyatt, Dickinson Wright PLLC</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.E
<SEQUENCE>3
<FILENAME>fp0092831-1_ex99e.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">Gate City Capital Management, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">8725 West Higgins Road, Suite 530</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">Chicago, IL 60631</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">(312) 825-1228</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 26, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>VIA EMAIL</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Warren Lada</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Saga Communications, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">73 Kercheval Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Grosse Pointe Farms, Michigan 48236</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Mr. Lada,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">On March 26, 2025, Gate City Capital Management, LLC (&ldquo;Gate City&rdquo;) formally withdrew our nominees for election as directors
to the Board of Directors (the &ldquo;Board&rdquo;) of Saga Communications, Inc. (&ldquo;Saga&rdquo; or the &ldquo;Company&rdquo;) at
the Company&rsquo;s 2025 Annual Meeting of Shareholders. The continued pursuit of our Nominees would not be in the best interest of Gate
City or the Company&rsquo;s shareholders at this time. Gate City appreciated the opportunity to communicate directly with the Company&rsquo;s
management and directors regarding our views and concerns.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Gate City&rsquo;s decision to nominate directors was based on our belief that
Saga was determined to pursue its Digital Transformation regardless of the negative impact the transformation could have on Saga&rsquo;s
profitability, cash flow, and share price. Our determination was made following careful analysis and nearly nine months of conversations
with the Company&rsquo;s senior leadership and Board. We repeatedly expressed our concerns that Saga lacked the expertise, and the competitive
advantages required to succeed in the low-margin and highly competitive digital advertising space. The pursuit of the Digital Transformation
would also divert time, attention, and resources away from the Saga&rsquo;s core broadcast business, where Saga has competitive advantages
and earns high incremental margins. Saga also failed to provide investors with any meaningful financial targets or metrics associated
with the Digital Transformation including expectations for incremental revenues, costs, margins, and return on investment. Our recommendation
that Saga partner with a digitally-savvy company with the capability and experience to execute Saga&rsquo;s digital strategy without the
added costs and risks associated with the transformation was also dismissed.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Our concerns regarding the financial merits of the Digital
Transformation strategy have thus far proven accurate. In 2024, the Company&rsquo;s station operating income fell 23.1% year-over-year
to $21.1 million, the Company&rsquo;s operating income fell 79% year-over-year to $2.4 million, and the Company&rsquo;s operating profit
margin fell to 2.1% in 2024 from 10.2% in 2023, a decline of over 800 bps. To make matters worse, this deterioration in financial results
occurred during a presidential election year, when Saga should benefit from elevated levels of political spending.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Our concern that the
pursuit of the Digital Transformation strategy could detract from the Company&rsquo;s highly profitable broadcast business also appears
prescient. On Saga&rsquo;s Q4 2024 earnings call, the Company noted that it generated $3.3 million in political revenue in 2024. Saga&rsquo;s
2024 political advertising revenue declined 52% from the $6.9 million generated in 2020 (the last presidential election year) and also
fell from the $3.6 million generated in the 2022 midterm election year. The Company&rsquo;s two largest stations by revenue are located
in the battleground states of Ohio and Wisconsin, calling into question the Company&rsquo;s explanation that Saga&rsquo;s stations were
not in the correct markets.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">In addition to posting poor financial results, on March 18, 2025, Saga issued a financial filing stating that
the Company would be unable to file its 10-K annual report in a timely fashion. This filing further highlights the potential challenges
faced by the Company in executing the Digital Transformation.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Saga&rsquo;s sharp decline in operating profit could also restrict the Company&rsquo;s
ability to capitalize on the reduction in broadcast regulations expected with the new presidential administration, including the potential
lifting of station caps. The lifting of station caps could provide Saga with opportunity to gain further economies of scale in the Company&rsquo;s
markets through acquisitions, divestitures, or station swaps. The large decline in operating profit likely reduces the value that Saga
could obtain for its stations through station swaps, divestitures, or an outright sale of the Company.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Gate City also expressed our concern regarding the sizeable increase in corporate expenses that occurred in 2024. In 2022, Saga&rsquo;s
Board approved a large increase in compensation for the Board of Directors resulting in over $500,000 of increased Board compensation
in 2023 compared with 2021. Company management was also awarded sizeable cash bonuses in 2023 despite missing financial targets, and we
are concerned that similar cash bonuses might have been paid in 2024 after Saga posted even weaker financial results. Company executives
enjoy numerous perquisites including automobile reimbursements, housing reimbursements, country club dues, and the personal use of the
Company&rsquo;s private aircraft lease. Gate City also understands that Saga&rsquo;s President and CEO, Mr. Forgy, currently resides in
Sarasota, Florida, which could result in additional expenses and could call into question Mr. Forgy&rsquo;s ability to successfully execute
the Digital Transformation strategy given his distance from corporate headquarters.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">In spite of the large decline in Saga&rsquo;s share
price that has occurred since the implementation of the Digital Transformation, to our knowledge no members of the Company&rsquo;s senior
management team or Board have purchased stock over at least the last two years. Should Saga&rsquo;s management team and Board have conviction
in the financial merits of the Digital Transformation plan, they should consider purchasing Saga stock in the open market.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Gate City was
encouraged to hear about the Company&rsquo;s recent plans to monetize non-core assets including some of its tower locations. In addition
to the sale of these tower locations, Saga should also immediately commit to divesting the Company&rsquo;s owned residential property
(the &ldquo;Saga House&rdquo;) located at 1186 Westway Drive, Sarasota, Florida. We understand the Saga House is owned by Water Dragon
LLC, a wholly owned subsidiary of Saga. Gate City considers it to be a failure in corporate governance for a Michigan-based media company
to own a luxury residence over 1,000 miles from the Company&rsquo;s headquarters and steps from the Florida beaches. It is particularly
troubling that Saga&rsquo;s shareholders are paying for the maintenance, insurance, and property taxes incurred at the Saga House. Proceeds
from the sale of the Saga House should be returned to shareholders through dividends or share repurchases. Similarly, Saga should disclose
its ownership of any other non-core property and commit to monetizing these assets immediately.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Saga continues to have a strong balance
sheet with $27.8 million in cash and short-term investments as of December 31, 2024. We are concerned that this cash balance is excessive
and only serves as a safety net should the pursuit of the Digital Transformation continue to pressure the Company&rsquo;s financial results.
While industry deregulation could provide M&amp;A opportunities for Saga, the Company&rsquo;s recent $5.8 million acquisition of a radio
station cluster in Lafayette, Indiana calls into question the ability of Saga to make value-accretive acquisitions. When asked about the
acquisition on the Company&rsquo;s Q4 2023 call, management was unwilling to provide any valuation multiples to justify the price paid
for this acquisition. Saga&rsquo;s Q3 2024 quarterly report implies the Lafayette stations have been unprofitable since the closing of
the acquisition in May.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">While it is encouraging to hear that Saga is planning to refresh the Board of Directors (with the majority of
Board members in their 70s or 80s), we are disappointed to hear that the Company has focused their search only on a single individual
with digital expertise. This limited search criteria only appears to acknowledge the Company lacked the internal expertise necessary to
successfully execute the Digital Transformation. Additionally, the limited scope of the search further highlights that the Board remains
committed to entrenching themselves, while continuing the pursuit of the Digital Transformation regardless of the value destruction it
might cause shareholders.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">Gate City continues to believe that the implementation of our proposals highlighted in our January 25, 2025
letter would create considerable shareholder value. Even after withdrawing our nominees for the upcoming election, we hope the information
contained in this letter provides the Company with a framework for creating shareholder value immediately and in the coming years. We
look forward to continuing to work with Saga in the years ahead.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Michael Melby</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Founder and Portfolio Manager</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 4%">Cc:</TD>
    <TD STYLE="font-size: 11pt; width: 96%">Saga Board of Directors</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2</B></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
