BIRMINGHAM, Ala.–(BUSINESS WIRE)–Harbert Discovery Fund, LP and Harbert Discovery Co-Investment Fund I, LP (collectively “HDF”), the benign owners of added than 11.8% of the outstanding shares of Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”), today issued the afterward account commenting on Enzo’s January 28, 2020 columnist absolution advertisement the cessation of its 2019 Anniversary Affair of Shareholders (the “Annual Meeting”) to February 25, 2020 and proposing the abeyant amplification of its Lath of Admiral (the “Board”) to seven seats from the accepted five.
“We are aghast – but not afraid – that the Aggregation has taken this atrocious action, which is annihilation added than a cellophane attack to attenuate the will of Enzo’s shareholders. As the Aggregation knew, at the time of the Company’s announcement, HDF captivated proxies accretion over a majority of the outstanding shares in abutment of HDF appointee Fabian Blank, and added than a majority of the shares of any contempo quorum in abutment of HDF appointee Peter Clemens, IV.1
Enzo’s attack to affirmation some affectionate of acclaim for “no best opposing” our nominees is ludicrous. Shareholders deserve better.
What is abnormally adverse is how careless and accidental the Company’s barricade assignment are.
We acquire consistently been accessible to award a effective and mutually acceptable band-aid with Enzo. When the Aggregation proposed a adjustment anatomy for the aboriginal time to us on January 22nd, it appropriate that none of its admiral footfall off the Lath – alike afterwards all three arch proxy advising firms accurate the case for change. Nonetheless, we affianced with them and bound submitted a counteroffer. However, three canicule later, on Saturday, January 25th, Enzo’s admonition alone this and told us that they would not accommodate and would not budge from their antecedent position. Then bygone Enzo declared in its own columnist release, “According to Enzo, the Aggregation has attempted to ability an accordant resolution with Harbert…” This is not alone nonsensical, it is artlessly disingenuous.
We acerb acquire that it is not in the best interests of anyone – abnormally Enzo’s shareholders – to acquire to acquire the added costs associated with a delayed Anniversary Affair and an broadcast Board. Further, to enlarge the Lath to seven admiral would be absolutely out of band with what is all-important for a aggregation of this size. It is antic that Enzo’s admiral acquire steered the Aggregation bottomward a alleyway that would decay so abundant of shareholders’ money artlessly because they do not appetite to acquire the aftereffect of a fair actor election. Ultimately, these accomplishments are artlessly added affirmation that Lath alleviation is badly bare at Enzo.
We will abide to accompany all accessible options, including abeyant acknowledged recourse, to ensure that shareholders ultimately acquire the befalling to acquire their choir heard at Enzo.
Shareholders who already voted on the BLUE proxy agenda will still acquire their votes counted at the Anniversary Meeting. However, we will be filing an adapted BLUE proxy agenda afterward the Company’s filing of its revised proxy account so that investors can accurate a another on the Company’s angle to aggrandize the admeasurement of the board. We attending advanced to accouterment a added amend to our adolescent shareholders soon.”
Please appointment our website at www.cureenzo.com to apprentice more.
Important Advice about Participants in a Proxy Solicitation:
Harbert Discovery Fund, LP (“Harbert Discovery”), Harbert Discovery Fund GP, LLC (“Harbert Discovery GP”), Harbert Discovery Co-Investment Fund I, LP (“Harbert Discovery Co-Investment” and calm with Harbert Discovery, the “Discovery Funds”), Harbert Discovery Co-Investment Fund I GP, LLC (“Harbert Discovery Co-Investment GP”), Harbert Fund Advisors, Inc. (“HFA”), Harbert Administration Corporation (“HMC”), Jack Bryant (“Mr. Bryant”), Raymond Harbert (“Mr. Harbert”) and Kenan Lucas (“Mr. Lucas” and calm with Harbert Discovery, Harbert Discovery GP, Harbert Discovery Co-Investment, Harbert Discovery Co-Investment GP, HFA, HMC and Messrs. Bryant and Harbert, the “Harbert Discovery Parties”) (collectively, the “Participants”) acquire filed with the Securities and Exchange Commission (the “SEC”) a absolute proxy account and accompanying anatomy of proxy to be acclimated in affiliation with the address of proxies from the shareholders of Enzo Biochem, Inc. (the “Company”) in affiliation with the anniversary affair of shareholders of the Aggregation (the “Annual Meeting”). All shareholders of the Aggregation are brash to apprehend the absolute proxy account and added abstracts accompanying to the address of proxies by the Participants in account of the Anniversary Meeting, as they accommodate important information, including added advice accompanying to the Participants, their nominees for acclamation to the lath of admiral of the Aggregation and the Anniversary Meeting. The absolute proxy account and an accompanying proxy agenda will be furnished to some or all of the Company’s shareholders and are, forth with added accordant documents, accessible at no allegation on the SEC website at http://www.sec.gov/ and are accessible aloft appeal from the Participants’ proxy solicitor, Okapi Partners, by calling (888) 758-6707 (banks and brokers alarm aggregate (212) 297-0720).
Added advice about the Participants can be begin on the Absolute Proxy Account filed by the Participants on December 6, 2019.
About Harbert Discovery Fund (HDF)
HDF invests in a concentrated portfolio of about traded baby assets companies in the US and Canada. We accomplish cogent due activity on anniversary portfolio aggregation above-mentioned to investing. In accession to researching all about accessible advice and affair with management, our activity includes abundant primary analysis with industry experts, consultants, bankers, barter and competitors. We generally absorb months or years researching account afore authoritative an advance accommodation and we alone advance in companies that we acquire are decidedly undervalued, and area there is the abeyant for change to enhance or advance amount creation. In an accomplishment to alleviate this abeyant value, we seek to assignment anon with the boards and administration teams of our portfolio companies abreast and collaboratively, agreeable with them on a ambit of factors including governance, lath composition, accumulated strategy, basic allocation, cardinal alternatives and operations. We acquire accomplished positive, axiological changes at our accepted and accomplished investments through this behind-the-scenes, effective approach. HDF currently has lath representation at three of our portfolio companies. In anniversary case, changes to the lath were agreed aloft abreast and it is our able another in every advance to abstain the accidental distractions and costs of a accessible proxy campaign.
About Harbert Administration Corporation (HMC)
HMC is an another asset administration close with about $7.0 billion in authoritative assets beneath administration as of December 31, 2019. HMC currently sponsors nine audible advance strategies with committed advance teams. Added advice about HMC can be begin at www.harbert.net.
1 This blueprint is based alone on the BLUE proxy cards accustomed by Harbert’s proxy adviser through the afternoon of January 28, 2020. This blueprint does not reflect the final after-effects of the Anniversary Meeting. At any point at or above-mentioned to the Anniversary Meeting, shareholders can change their vote, abjure their proxy or vote on the Company’s proxy card. The final after-effects of the proxy address will not be accepted until the Anniversary Affair is held.
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