Shareholders Support the Election of Both HDF Nominees to Enzo Board of Directors
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb 25, 2020--
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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KEYWORD: ALABAMA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Harbert Management Corporation
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PUB: 02/25/2020 10:27 AM/DISC: 02/25/2020 10:27 AM