PITTSBURGH, April 6, 2020 /PRNewswire/ -- Hestia Capital
Partners LP, Permit Capital Enterprise Fund, L.P. and their
affiliates (the "Investor Group"), who beneficially own
approximately 7.5% of the outstanding common stock of GameStop
Corp. (NYSE: GME), announced today that they have filed a
preliminary proxy statement with the SEC in conjunction with the
Company's 2020 annual meeting of stockholders (the "2020 Annual
Meeting"), which is expected to take place in mid-June. In
addition, due to the high short interest in GameStop's stock, the
Investor Group provided guidance to stockholders about how to
ensure their shares will be voted at the 2020 Annual Meeting.
Stockholders can review the Investor Group's materials and other
important information at www.RestoreGameStop.com
IMPORTANT NOTE TO GAMESTOP STOCKHOLDERS REGARDING VOTING
THEIR SHARES AT THE 2020 ANNUAL MEETING:
GameStop stockholders who have loaned, pledged or hypothecated
any of their Common Stock may not be able to vote their shares
unless such shares are returned to their accounts before the record
date. Due to the short interest in GameStop, it is
possible that stockholders are not aware that their stock has been
loaned by their broker. According to information GameStop
has provided to custodial banks, brokers and other intermediaries,
we believe GameStop has set a record date of Monday, April 20 for the 2020 Annual
Meeting. Since shares on loan cannot be voted, it
is imperative that stockholders who wish to vote at the 2020 Annual
Meeting make certain they have their shares in proper voting order
before the record date. It is important to know that this
process may take several days to complete. Stockholders can
call Saratoga Proxy Consulting LLC at (212) 257-1311 or (888)
368-0379 if they have any questions with this process.
About Hestia Capital
Hestia Capital is a long term focused, deep value investment
firm that typically makes long-term investments in a narrow
selection of companies facing company-specific, and/or industry,
disruptions. Hestia seeks to leverage its General Partner's
expertise in competitive strategy and capital markets to identify
attractive situations within this universe of disrupted companies.
These companies are often misunderstood by the general investing
community and provide the 'price dislocations' which allows Hestia
to identify, and invest in, highly attractive risk/reward
investment opportunities.
About Permit Capital Enterprise Fund
The Permit Capital Enterprise Fund, through its management
company, follows an investing philosophy that seeks to identify
securities trading at a discount to intrinsic value. The investment
approach is bottom-up and focused on the valuation of the
securities of individual issuers. The management company's
assessment of intrinsic value is based on its own fundamental
research as well as numerous sources of publicly available
information.
Contacts:
Kurt Wolf at 724-687-7842
John Broderick at 610-941-5025
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Hestia Capital Partners LP ("Hestia LP") and Permit Capital
Enterprise Fund, L.P. ("Permit Enterprise"), together with the
other participants named herein (collectively, the "Stockholder
Group"), have filed a preliminary proxy statement and accompanying
WHITE proxy card with the Securities and Exchange Commission
("SEC") to be used to solicit votes for the election of its slate
of highly-qualified director nominees at the 2020 annual meeting of
stockholders of GameStop Corp., a Delaware corporation (the "Company").
THE STOCKHOLDER GROUP STRONGLY ADVISES ALL STOCKHOLDERS OF THE
COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS,
INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE
AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL
PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN
AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be
Hestia LP, Hestia Capital Management, LLC ("Hestia LLC"),
Kurtis J. Wolf, Permit Enterprise,
Permit Capital, LLC ("Permit LLC"), Permit Capital GP, L.P.
("Permit GP"), John C. Broderick,
Adam Dukoff and Paul J. Evans.
As of the date hereof, Hestia LP beneficially owns directly
934,600 shares of Class A common stock, par value $0.001 per share (the "Common Stock"), of the
Company. Hestia LLC, as the general partner of Hestia LP, may be
deemed to beneficially own the 934,600 shares of Common Stock of
the Company directly owned by Hestia LP and an additional 402,500
shares of Common Stock of the Company held in certain separately
managed accounts. Mr. Wolf, as the Managing Member of Hestia LLC,
may be deemed to beneficially own the 934,600 shares of Common
Stock of the Company directly owned by Hestia LP and an additional
402,500 shares of Common Stock of the Company held in certain
separately managed accounts. In addition, Mr. Wolf is deemed to
beneficially own 21,400 shares of Common Stock that are
beneficially owned directly by Mr. Wolf, his wife and various
trusts for the benefit of his children.
As of the date hereof, Permit Enterprise beneficially owns
directly 2,828,536 shares of Common Stock. Permit GP, as the
general partner of Permit Enterprise, may be deemed to beneficially
own the 2,828,536 shares of Common Stock of the Company directly
owned by Permit Enterprise. Permit LLC, as the investment manager
of Permit Enterprise, may be deemed to beneficially own the
2,828,536 shares of Common Stock of the Company directly owned by
Permit Enterprise. John C.
Broderick, as a Partner of Permit LLC with sole voting and
dispositive power over such shares, may be deemed to beneficially
own the 2,828,536 shares of Common Stock of the Company directly
owned by Permit Enterprise. In addition, Mr. Broderick beneficially
owns directly 576,645 shares of Common Stock of the Company, which
includes 3,825 shares of Common Stock of the Company that are
beneficially owned directly by his wife.
As of the date hereof, Mr. Dukoff beneficially owns directly
48,900 shares of Common Stock of the Company. As of the date
hereof, Mr. Evans beneficially owns directly 5,000 shares of Common
Stock of the Company.
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content:http://www.prnewswire.com/news-releases/investor-group-files-preliminary-proxy-statement-relating-to-the-election-of-two-stockholder-aligned-directors-at-gamestops-2020-annual-meeting-301035644.html
SOURCE Hestia Capital Management, LLC & Permit Capital
Enterprise Fund, L.P.