PITTSBURGH, June 12, 2020 /PRNewswire/ -- Hestia Capital
Partners LP ("Hestia"), Permit Capital Enterprise Fund, L.P.
("Permit") and their affiliates (the "Investor Group"), who
beneficially own approximately 7.3% of the outstanding shares of
GameStop Corp. (NYSE: GME) (the "Company"), announced that, based
on preliminary voting results provided by its proxy solicitor,
Saratoga Proxy Consulting LLC, the Investor Group's two nominees,
Paul J. Evans and Kurtis J. Wolf have been elected to the GameStop
Board of Directors (the "Board) at today's Annual Meeting of
Stockholders.
John Broderick, a Partner with
Permit, stated, "We are grateful that stockholders elected our two
qualified, independent nominees to the Board. We are confident
that Paul and Kurt's skills and experience will prove complimentary
to those already on the Board, which has added a number of talented
Directors over the past fourteen months. Together, we believe these
individuals will help GameStop realize its significant potential in
the gaming industry."
Mr. Wolf, Managing Member of the General Partner of Hestia,
added, "Paul and I are excited to work with our fellow Directors to
address stockholder concerns by reducing corporate costs, improving
capital allocation, fixing corporate governance issues, and better
aligning compensation."
Concluded Mr. Wolf, "GameStop is a unique player in the gaming
industry, and we are excited to be a part of the Company's next
generation of leadership. We are optimistic that the newly
reconstituted Board has the right mix of people and skills to
unlock GameStop's significant latent value. We hope that all
stakeholders, particularly the Company's critically valuable
customer-facing employees, can feel confident that GameStop's best
days are ahead of it."
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
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content:http://www.prnewswire.com/news-releases/permit-capital-and-hestia-capital-nominees-paul-j-evans-and-kurtis-j-wolf-elected-to-gamestop-board-based-on-preliminary-voting-results-301075094.html
SOURCE Hestia Capital Management, LLC & Permit Capital
Enterprise Fund, L.P.