Shareholders Support the Election of Both HDF Nominees to Enzo Board of Directors
February 25 2020 - 10:27AM
Business Wire
Preliminary Vote Count Indicates
Shareholders Have Rejected Company’s Proposal to Expand Size of
Board
Harbert Discovery Fund, LP and Harbert Discovery Co-Investment
Fund I, LP (collectively “HDF”), the beneficial owners of more than
11.8% of the outstanding shares of Enzo Biochem, Inc. (NYSE: ENZ)
(“Enzo” or the “Company”), today announced that, based on a
preliminary vote count provided by its proxy solicitor, Enzo
shareholders voted to elect HDF nominees, Fabian Blank and Peter
Clemens, and Company nominee Rebecca Fischer, to the Board of
Directors (the “Board”) at the Company’s 2019 Annual Meeting of
Shareholders (the “Annual Meeting”) today.
The preliminary results also indicate that shareholders rejected
the Company’s proposal to amend the Enzo’s bylaws to increase the
size of the Board.
Commenting on the preliminary results of the Annual Meeting,
Kenan Lucas, Managing Director and Portfolio Manager of HDF
said:
“We are extremely pleased and grateful for the overwhelming
support from shareholders for electing our two independent,
highly-qualified nominees to the Board. We believe the addition of
Fabian and Peter to the Board is a crucial step to putting Enzo on
the path to value creation as well as working towards the corporate
governance enhancements the Company so desperately needs. We look
forward to the Board working to help Enzo reach its full
potential.”
About Harbert Discovery Fund (HDF)
HDF invests in a concentrated portfolio of publicly traded small
capitalization companies in the US and Canada. We perform
significant due diligence on each portfolio company prior to
investing. In addition to researching all publicly available
information and meeting with management, our diligence includes
substantial primary research with industry experts, consultants,
bankers, customers and competitors. We often spend months or years
researching ideas before making an investment decision and we only
invest in companies that we believe are significantly undervalued,
and where there is the potential for change to enhance or
accelerate value creation. In an effort to unlock this potential
value, we seek to work directly with the boards and management
teams of our portfolio companies privately and collaboratively,
engaging with them on a range of factors including governance,
board composition, corporate strategy, capital allocation,
strategic alternatives and operations. We have effected positive,
fundamental changes at our current and past investments through
this behind-the-scenes, constructive approach. HDF currently has
board representation at three of our portfolio companies. In each
case, changes to the board were agreed upon privately and it is our
strong preference in every investment to avoid the unnecessary
distractions and costs of a public proxy campaign.
About Harbert Management Corporation (HMC)
HMC is an alternative asset management firm with approximately
$7.0 billion in regulatory assets under management as of December
31, 2019. HMC currently sponsors nine distinct investment
strategies with dedicated investment teams. Additional information
about HMC can be found at www.harbert.net.
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Investor Contact Okapi Partners LLC Bruce Goldfarb /
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Media Contact Sloane & Company Dan Zacchei / Sarah
Braunstein, 212-486-9500 dzacchei@sloanepr.com /
sbraunstein@sloanepr.com
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