French activist investor CIAM has publicly expressed concern regarding Telenet’s financial performance and requested the board proposes an additional 970-million-euro dividend payment to shareholders.

In an open letter to the board sent on Thursday, CIAM noted that it has met with the company’s management numerous times to discuss strategy, governance, and financials. The activist investor has decided, however, that Telenet’s “significant underperformance” requires open engagement with all minority shareholders.

The 1.3% shareholder asked the board to propose the additional shareholder remuneration ahead of the annual meeting and encouraged all minority shareholders to throw their weight behind the request.

CIAM detailed a number of reasons for the request, namely that it believes “that the management is extremely unambitious and is solely focused on meeting conservative expectations.”

The calls come a few months after CIAM publicly supported the campaign waged by Lucerne Capital Management for improved corporate governance at the telecommunications group.

Telenet shares traded down 1.8% to 34.20 euros at 11.33 a.m. Central European Time in Brussels on Friday.