|
MG Capital Sets the Record Straight Following HC2’s Recent Efforts to
Mislead Stockholders
Issues New
Presentation in Response to the Latest Chapter of HC2’s Low-Road
Misinformation Campaign
Encourages
Stockholders to Focus on the Facts Regarding MG Capital, Our Slate,
and Its Well-Received Plan
Makes Clear
That Michael Gorzynski Possesses the Integrity, Pedigree, and Skills
to Serve as Interim CEO and Prioritize Stockholders’ Best Interests
Reinforces
the Need to Look Past the Falsehoods Perpetuated by Philip Falcone and
the Incumbent Directors, Who Presided Over Immense Value Destruction
For Six Years
Urges
Stockholders to Vote on the GREEN Consent Card For Our Six Nominees,
Who Have Exceptional Backgrounds From Their Tenures at Entities Such
as Dish Network, Elliott Management, Goldman Sachs, Harvard Business
School, Lazard and Third Point
A Reality Check for HC2.
April 17, 2020 08:45 PM Eastern Daylight Time
NEW YORK--(BUSINESS
WIRE)--MG
Capital Management, Ltd. (together with Percy
Rockdale LLC, the nominating stockholder, and its affiliates, “MG
Capital” or “we”), a significant stockholder of HC2 Holdings, Inc. (NYSE:HCHC)
(“HC2” or the “Company”), which collectively with the other
participants in its solicitation beneficially owns more than 6% of the
Company’s outstanding shares, today issued
a new presentation in
response to the latest chapter of HC2’s low-road misinformation campaign. We
invite stockholders to download and view the full presentation
here.
Michael Gorzynski, MG Capital’s founder and managing partner, commented:
“HC2 is at
a critical point in its lifecycle as a public company following years
of debt-fueled acquisitions, excessive corporate spending, and poor
leadership under Mr. Falcone and the Board. The very individuals
tasked with stewarding the Company allowed hundreds of millions of
dollars in equity market value to erode, while simultaneously
compensating themselves exceedingly well and amassing more than $400
million in holding company debt that matures in 2021. In recognition
of HC2’s tailspin toward potential bankruptcy, we have taken the
extraordinary step of running a consent solicitation to remove the
Board and install a world-class group of directors that can bring a
Fortune 100 mentality to a boardroom that must become the source of
immediate, tangible results in the months to come.
Stockholders now face a clear choice: roll the dice on people that
continuously put your capital at grave risk over the past six years
or place your trust in a group of individuals with diverse
expertise, demonstrated integrity, and strong pedigrees at some of the
world’s top companies. Our nominees are quality people with decades of
experience creating value for investors. They have spent months
analyzing HC2 and coming up with a credible plan to avert financial
ruin and deliver an estimated $9 per share in value over time.
While I
recognize stockholders will be inundated with information in the
coming weeks, the choice that needs to be made about HC2’s future
should be solely informed by an assessment of the facts. That is why
my fellow nominees and I are releasing a new presentation today. We
are committed to continuing to invest our energy, resources, and time
to ensure you have the factual information you need to protect your
investment in HC2.”
As a
reminder, stockholders can learn about how to consent on the
GREEN card by visiting
www.ABetterHC2.com.
The website includes additional information regarding our six director
nominees and the plan they intend to implement if they are elected to
the Board of Directors.
***
We urge
HC2 stockholders to consent to all three proposals on the GREEN
consent card and return it in your postage-paid envelope provided.
The consent deadline is May 7, 2020.
Should you have any questions or need assistance with voting, please
contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212)
257-1311 or by email at
info@saratogaproxy.com.
PROTECT
YOUR INVESTMENT.
SIGN, DATE AND RETURN YOUR FILLED OUT GREEN
CONSENT CARD TODAY.
***
FORWARD-LOOKING STATEMENTS
Any
statements contained herein that do not describe historical facts,
including future operations, are neither promises nor guarantees and
may constitute “forward-looking statements” as that term is defined in
the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may include words such as “may,” “might,”
“will,” “should,” “expects,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential” or “continue,” the negative of
these terms and other comparable terminology. There is no assurance or
guarantee with respect to the prices at which any securities of the
Issuer will trade, and such securities may not trade at prices that
are stated, estimated or implied herein. Any such forward-looking
statements contained herein are based on current assumptions,
estimates and expectations, but are subject to a number of known and
unknown risks and significant business, economic and competitive
uncertainties that may cause actual results to differ materially from
expectations. Numerous factors could cause actual future results to
differ materially from current expectations expressed or implied by
such forward-looking statements, including the risks and other risk
factors detailed in various publicly available documents filed by the
Issuer from time to time with the Securities and Exchange Commission
(SEC), which are available at
www.sec.gov,
including but not limited to, such information appearing under the
caption “Risk Factors” in Issuer’s Annual Report on Form 10-K filed
with the SEC on March 16, 2020. Any forward-looking statements should
be considered in light of those risk factors. MG Capital cautions
readers not to rely on any such forward-looking statements, which
speak only as of the date they are made. MG Capital disclaims any
intent or obligation to publicly update or revise any such
forward-looking statements to reflect any change in Issuer
expectations or future events, conditions or circumstances on which
any such forward-looking statements may be based, or that may affect
the likelihood that actual results may differ from those set forth in
such forward-looking statements.
|
