WaterMill Asset Management Addresses Ziopharm Oncology’s Latest Distortion and Recent Threat
WaterMill Asset Management announced its response to Ziopharm Oncology's recent campaign regarding a consent solicitation. WaterMill criticized Ziopharm's board appointments, claiming they reflect an anti-shareholder culture. They expressed concerns about the company's communication tactics and emphasized the importance of shareholders having their votes properly counted. WaterMill aims to support CEO Laurence Cooper in establishing better governance and a disciplined capital allocation policy if its slate is elected, urging shareholders to vote for their proposals by December 15, 2020.
- WaterMill's slate aims to support executive management and improve governance.
- Plans to establish a disciplined capital allocation policy.
- Allegations of Ziopharm's board fostering an anti-shareholder culture.
- Concerns over improper execution of shareholder votes by a proxy advisory firm.
- Threats of litigation towards WaterMill could heighten tensions.
NEW YORK--(BUSINESS WIRE)--WaterMill Asset Management Corp. (together with its affiliates, “WaterMill” or “we”) today responded to the latest element of the low-road campaign that Ziopharm Oncology, Inc. (NASDAQ: ZIOP) (“Ziopharm” or the “Company”) is waging in response to our consent solicitation.
Robert Postma, principal and founder of WaterMill, commented:
“This latest chapter of Ziopharm’s low-road campaign only validates our view that the recent additions of Kevin Buchi and Mary Thistle to the Board of Directors have done nothing to change the Company’s anti-shareholder culture. It seems clear to us that Chairman Scott Tariff has simply surrounded himself with more allies from Ziopharm’s interconnected network rather than the best available directors. Indeed, the Company would not continue to disseminate blatant distortions and start threatening WaterMill if its Board of Directors truly valued and respected shareholders.
We also want to take the opportunity to make clear that our decision to extend the consent solicitation goal date to December 15 followed a proxy advisory firm improperly executing certain shareholders’ votes. We question why Ziopharm would issue a press release questioning our decision to extend and allow votes to be properly tabulated, especially given that the Company had full line of sight into the apparent errors. We believe it is equally important to highlight for shareholders that Ziopharm’s most recent public claim of wanting an ‘amicable resolution’ comes approximately one day after its external counsel – paid for by shareholders – issued a threatening letter to WaterMill’s counsel that indicated the Company was considering suing us and seeking to invalidate the consent vote. It should be a wake-up call to all shareholders that the incumbent Board of Directors would have the Company’s representatives even suggest that a challenge to this vote is on the table.
Although Ziopharm’s corporate governance is clearly broken, shareholders can rest assured that the WaterMill slate intends to put this contest behind us and help build bridges in the boardroom. If elected, Jaime Vieser, Holger Weis and I also plan to provide valuable support to Chief Executive Officer Laurence Cooper and the management team. We intend to help Ziopharm establish a disciplined capital allocation policy, prioritize accretive initiatives and ensure the Company does not run out of capital. We believe our full slate is the right solution at the right time for Ziopharm.”
Consent Instructions
- We urge Ziopharm shareholders to consent to all five proposals on the WHITE consent card today by signing, dating and returning it in the postage-paid envelope provided.
- Please vote each and every WHITE consent card you receive since you may own multiple accounts.
- If you have already voted a Green revocation card from Ziopharm, a later-dated vote on the WHITE consent card will revoke that vote.
- December 15, 2020 is our goal for the submission of written consents. Effectively, this means that you have until December 15, 2020 to consent to the proposals.
- You may only consent by voting the WHITE consent card. Please throw away all Green revocation cards you receive.
Learn more at www.FixZiopharm.com.
