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HC2 Holdings, Inc. (NYSE: HCHC) announced the adjournment of its Annual Meeting of Stockholders from July 8 to July 30, 2020, due to changes in executive management. No business will be conducted at the initial meeting, which will only serve to adjourn. Notably, Philip A. Falcone will not be on the slate of director nominees for the upcoming meeting. The Annual Meeting is scheduled for July 30, 2020, at 9:00 AM ET, and remote communication will be used. The previously distributed proxy card remains valid for voting.
HC2 Holdings (NYSE: HCHC) announced its decision to let the exclusivity period lapse for a potential sale of its Continental Insurance subsidiaries, following advanced discussions with a counterparty. The company is actively exploring other strategic alternatives for Continental Insurance and DBM Global, with proceeds from any future divestitures aimed at reducing debt. HC2 is committed to strengthening its capital structure and enhancing shareholder value but notes that no assurances can be made regarding the success of the ongoing strategic review process.
HC2 Holdings (NYSE: HCHC) announced the appointment of Wayne Barr, Jr. as interim CEO, succeeding Philip A. Falcone. The Board is initiating a search for a permanent CEO, led by a committee that includes Chairman Avie Glazer. Barr, a director at HC2 since 2014 and with extensive industry experience, aims to guide the company through this transition while focusing on strengthening the capital structure and de-leveraging the balance sheet. The board is also exploring strategic options for enhancing shareholder value.
HC2 Broadcasting, a subsidiary of HC2 Holdings (NYSE: HCHC), has launched the LX Network in 15 of its OTA TV stations across major U.S. cities like Atlanta, Seattle, and Detroit. LX delivers 20 hours of local news and original programming weekly, targeting adults aged 18-45. This partnership enhances HC2's content offerings, showcasing an innovative storytelling approach. The launch expands LX's reach to 43 markets, reinforcing HC2's position in the broadcasting sector, which includes 218 operational stations and coverage in approximately 130 markets nationwide.
HC2 Holdings, Inc. (NYSE: HCHC) has announced the immediate appointment of four new directors, including Kenneth S. Courtis and Michael Gorzynski from MG Capital. Avram A. Glazer and Shelly C. Lombard, previously nominated, also join the Board, expanding it from six to ten members temporarily. This restructuring reflects stockholder engagement, with over 50% of the Board being refreshed ahead of the 2020 Annual Meeting on July 8. MG Capital has opted to withdraw its consent solicitation in favor of this agreement, indicating a cooperative effort to enhance stockholder value.
HC2 Holdings has completed the first close of its 30% stake sale in Huawei Marine Networks for $85 million. The sale process began in October 2019, and after taxes and fees, HC2 plans to use proceeds to redeem over $50 million of its 11.5% Senior Secured Notes in June 2020. This move is part of HC2's strategy to reduce debt, aiming to lower principal outstanding on these notes by $130 million in 2020, saving approximately $15 million in annual interest costs.
HC2 Holdings reported a consolidated net revenue of $444.8 million for Q1 2020, a slight decrease from $449.0 million in Q1 2019. The company faced a net loss of $83.5 million, or $1.82 per share, compared to a loss of $1.6 million or $0.05 per share the previous year. Key highlights include the completion of the Global Marine Group sale for $99 million, aimed at debt reduction, and adjusted EBITDA from core subsidiaries at $13.2 million. The ongoing impact of COVID-19 has prompted operational adjustments across various segments.
HC2 Holdings (NYSE: HCHC) urges stockholders to reject Percy Rockdale's unsolicited proposals by revoking their consent with a WHITE card ahead of the 2020 Annual Meeting on July 8, 2020. The company emphasizes recent board refreshment, including new independent nominees and a commitment to reduce cash compensation for non-employee directors. CEO Phil Falcone pledged to forgo 2020 bonuses until the stock price averages $7.50 per share. HC2 encourages stockholder participation to ensure strategic objectives align with long-term value creation.
HC2 Holdings, Inc. (NYSE:HCHC) announced a cash dividend of $15 million, equating to $3.89 per share, to be distributed on May 26, 2020. Stockholders of record as of May 15, 2020, will receive this payout. As the largest stockholder of DBM Global Inc. (OTC:DBMG), HC2 expects to receive approximately $14 million from this dividend. This reflects HC2's commitment to enhancing shareholder value through sustainable cash flow and strategic growth.
HC2 Holdings, Inc. (NYSE: HCHC) will release its financial results for Q1 2020 on May 11, 2020, after market close. An earnings conference call will take place the same day at 5:00 p.m. ET, featuring CEO Philip Falcone and CFO Michael J. Sena. Interested parties can access the call via HC2’s Investor Relations website. The call will be available for replay after the live event until May 25, 2020. HC2 is a diversified holding company with multiple subsidiaries across various sectors, aimed at generating sustainable cash flow and maximizing stakeholder value.
