Ancora Comments on Blucora’s Misleading Letter to Stockholders
Ancora Holdings, which owns approximately 3.4% of Blucora's stock (NASDAQ: BCOR), criticized Blucora's Board for launching a campaign against nominee Frederick D. DiSanto. Ancora claims Blucora's actions undermine the company's governance and distract from its financial results. They are urging stockholders to support their proposed board members in the upcoming election on April 21, 2021. Ancora's nominees include financial experts with a commitment to collaboration. They have urged investors to utilize the WHITE Proxy Card to vote against the incumbent directors.
- Ancora proposes a slate of qualified nominees for Blucora's Board, aiming for better governance.
- Nominees are experienced in the financial services industry, potentially enhancing Blucora's oversight.
- Blucora's Board accused of personal attacks on nominee Frederick D. DiSanto, which may reflect poorly on corporate governance.
- Continued conflict may distract from critical financial discussions and shareholder interests.
Ancora Holdings, Inc. (together with its affiliates, “Ancora” or “we”), which collectively with the other participants in its solicitation beneficially owns approximately
In addition, Ancora issued the following statement:
“Ancora is disappointed that Blucora’s Board of Directors has decided to continue spending stockholders’ resources on a highly-personalized, low-road campaign to smear Mr. DiSanto. In this morning’s letter, Blucora once again attacked Mr. DiSanto’s character, distorted his attempts to avert a contest and used innuendo to imply he is not attuned to the modern boardroom environment. We categorically reject Blucora’s depiction of Mr. DiSanto, who has a three-decade track record defined by collegiality, ethics and openness. We hope investors recognize that a high-functioning and well-governed Board would not be resorting to character assassination as a means of mitigating change.
As previously noted, we urge stockholders to focus on the actions, decisions and financial results that the Board of Directors has presided over. Do not allow Blucora to use distractions and diversions to deflect attention away from what matters in this contest: the incumbents’ boardroom decisions and professional records.
Each of our nominees, including Mr. DiSanto, look forward to putting this election contest behind them and working in a collaborative manner with the remaining incumbents. Stockholders have our nominees’ pledge that they will not allow the acrimony of this campaign to impact them. Our slate will build bridges in the Blucora boardroom, much like they have done throughout their careers.”
***
As a reminder, Ancora is seeking to reconstitute Blucora’s 10-member Board of Directors at the Company’s Annual Meeting of Stockholders on April 21, 2021 by removing four incumbent directors and electing four highly-qualified financial services industry experts: Mr. DiSanto, Cindy Schulze Flynn, Robert D. MacKinlay and Kimberly Smith Spacek.
Ancora encourages Blucora’s stockholders and stakeholders to vote on the WHITE Proxy Card by signing, dating and returning each WHITE Proxy Card they receive. Please visit www.ABetterBlucora.com to download the Ancora slate’s presentation and obtain important information, including instructions for how to vote on the WHITE Proxy Card to elect our four-member slate.
***
About Ancora
Ancora Holdings, Inc. is an employee owned, Cleveland, Ohio based holding company which wholly owns four separate and distinct SEC Registered Investment Advisers and a broker dealer. Ancora Advisors LLC specializes in customized portfolio management for individual investors, high net worth investors, investment companies (mutual funds), and institutions such as pension/profit sharing plans, corporations, charitable & “Not-for Profit” organizations, and unions. Ancora Family Wealth Advisors, LLC is a leading, regional investment and wealth advisor managing assets on behalf of families and high net-worth individuals. Ancora Alternatives LLC specializes in pooled investments (hedge funds/investment limited partnerships). Ancora Retirement Plan Advisors, Inc. specializes in providing non-discretionary investment guidance for small and midsize employer sponsored retirement plans. Inverness Securities, LLC is a FINRA registered Broker Dealer.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210406006097/en/
FAQ
What is Ancora's stake in Blucora (BCOR)?
What is Ancora's stance on the current Blucora Board?
When is the annual meeting for Blucora shareholders?
What is Ancora urging shareholders to do?
