HC2 Holdings Issues Statement On ISS Report
HC2 URGES STOCKHOLDERS TO OPPOSE PERCY ROCKDALE’S PROPOSALS AND AGREES WITH ISS RECOMMENDATION TO VOTE AGAINST GORZYNKSI, GREENWOOD AND HICKEY
ISS Questions the Viability of Percy Rockdale’s Strategy and Highlights Percy Rockdale’s Potential Short-Term Focus Could Put Long-Term Stockholders’ Investment at Risk
ISS Recommends AGAINST Gorzynski and Questions Gorzynski's Ability as Interim CEO and Board Member Given His Lack of Experience as a
ISS Supports HC2’s Nomination of
HC2 Recommends Stockholders Sign, Date and Promptly Return the WHITE Consent Revocation Card and Mark “REVOKE MY CONSENT” Boxes to Oppose Each of Percy Rockdale’s Proposals and Support HC2’s Independent, Experienced and Highly-Qualified Directors, and Discard Any Materials from
“While we strongly disagree with ISS’s failure to recommend the full slate of HC2’s highly-qualified director nominees, we are pleased ISS recognizes the importance of Warren Gfeller’s, Lee Hillman’s and Julie Springer’s Board membership to HC2’s productive execution of its strategic plan and continued success. We strongly concur with ISS’s assessment that
“Independent of ISS’s recommendations, we are confident stockholders will reach the conclusion that HC2’s highly qualified Board possesses the experience and expertise necessary to successfully execute HC2’s strategic plan and deliver long-term stockholder value. We are also pleased that ISS has recommended against consenting to the election of
In its Report, ISS Said:
“Given the board's inherent depth of knowledge around HC2's assets and their potential, long-term shareholders may question the viability of the dissident's strategy.”
“Shareholders may have some reservations regarding Gorzynski's ability as interim CEO given his lack of experience as a public company executive or director.”
“As a significant shareholder with prior public board experience, Glazer could provide additional oversight necessary to rebuild management's credibility, reduce debt, and optimize its portfolio. With that said, the company has not set the date for the 2020 AGM and has not provided any other details on its potential slate, including whether Glazer will be replacing an existing director.”
“Long-term shareholders may also question the dissident's potential exit point from its investment in HC2 given it only entered the stock in
THE CHOICE IS CLEAR
PLEASE SIGN, DATE AND PROMPTLY RETURN THE ENCLOSED WHITE CONSENT REVOCATION CARD
Your Board of Directors unanimously recommends that stockholders sign, date and promptly return the enclosed WHITE Consent Revocation Card and mark the “REVOKE MY CONSENT” boxes to oppose each of Percy Rockdale’s proposals and support HC2’s independent, experienced and highly qualified directors. Please do not return or otherwise vote any green consent card sent to you by Percy Rockdale—even as a protest vote against
For more information, please go to: www.HC2vision.com
No matter how many or how few shares you own, your revocation of consent is extremely important to ensuring HC2 can carry out its strategic objective of creating near-term value and driving even higher returns over the long term for all of our stockholders. Please act today and make your voice heard regarding the future of HC2.
If you have any questions or need assistance in voting your shares, please contact our soliciting agent,
We believe that HC2’s highly qualified and experienced Board of Directors is best positioned to oversee the continued successful execution of HC2’s strategy and to deliver substantial value to all of our stockholders. On behalf of our management team, we thank you for your continued support, interest and investment in HC2, and respectfully ask that you reject Michael Gorzynski’s efforts to usurp control of HC2 and revoke your consent.
If you have any questions or need assistance voting contact:
Banks and Brokers Call Collect: (212) 297-0720
All Others Call Toll Free: (877) 629-6355
Cautionary Statement Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might” or “continues” or similar expressions. The forward-looking statements in this communication include, without limitation, any statements regarding our expectations regarding building stockholder value, future cash flow, longer-term growth and invested assets, the timing or prospects of any refinancing of HC2's remaining corporate debt, any statements regarding HC2’s expectations regarding entering definitive agreements in respect of the potential divestitures of Continental Insurance and/or
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date hereof, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: HC2 Holdings, Inc.