WaterMill Asset Management Issues Statement Regarding Consent Solicitation at Ziopharm Oncology

Rhea-AI Summary

WaterMill Asset Management Corp. has successfully secured the necessary written consents to appoint Jaime Vieser and Holger Weis to Ziopharm Oncology's Board of Directors, reflecting strong shareholder support. Although both candidates will join due to the current Board cap of eight members, WaterMill also received consent to remove Scott Tariff from the Board. WaterMill emphasizes the importance of the additions at this critical time, stating they will enhance corporate governance and strategic initiatives aimed at generating near-term value for shareholders. This transition marks a significant refresh of board membership.

Positive

• Jaime Vieser and Holger Weis appointed to the Board, enhancing governance.
• Nearly 40% refresh of the Board indicates positive strategic changes.
• WaterMill's commitment to constructive engagement with shareholders.

Negative

• Only two of three nominated candidates were appointed due to Board member cap.
• Scott Tariff's removal may indicate existing governance issues.

WaterMill Asset Management Corp. (together with its affiliates, “WaterMill” or “we”), a sizable and long-term shareholder of Ziopharm Oncology, Inc. (NASDAQ: ZIOP) (“Ziopharm” or the “Company”), today announced that it received the requisite number of written consents to add all three of its director candidates – Robert Postma, Jaime Vieser and Holger Weis – to the Company’s Board of Directors (the “Board”). Although each member of WaterMill’s slate received support from holders of more than 50% of Ziopharm’s outstanding shares, only Messrs. Vieser and Weis are able to join as directors due to the Company’s Board currently being capped at eight members. WaterMill also received the requisite number of consents to remove Scott Tariff from the Board.

Robert Postma, principal and founder of WaterMill, commented:

“We are pleased that Jaime and Holger have joined Ziopharm’s Board at this critical point in time. Jaime’s capital allocation acumen, ownership perspectives and turnaround experience will be tremendous assets in the boardroom. Holger’s c-level background in the life sciences sector, commercial intensity and finance expertise will also be extremely helpful in the pivotal months to come. They are fully committed to putting this contest behind them and immediately helping the Board chart the right path forward. Now that nearly 40% of the Board has been refreshed in recent weeks, Ziopharm should be well-positioned to begin enhancing its corporate governance and prioritizing strategic initiatives that are most likely to create meaningful near-term value for shareholders, providers and patients.”

Mr. Postma concluded:

“WaterMill also wants to take this opportunity to thank its fellow shareholders for their incredibly thoughtful engagement throughout this process. While we anticipate that many supportive shareholders will be disappointed that our full slate is not joining the Board at this time, WaterMill is constructively engaging with Ziopharm to try to ensure that the message sent by a critical mass of investors is respected. WaterMill remains committed to always doing what is best for Ziopharm.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005577/en/

FAQ

What happened with Ziopharm Oncology and WaterMill Asset Management?

WaterMill received consents to appoint two directors to Ziopharm's Board and remove Scott Tariff.

Who are the new directors appointed to Ziopharm's Board?

Jaime Vieser and Holger Weis are the new directors appointed to the Board.

What is the significance of the Board refresh at Ziopharm?

The refresh is aimed at enhancing corporate governance and strategic focus to create value for shareholders.

How many total directors are there on Ziopharm's board now?

With the new appointments, Ziopharm's Board consists of eight members.

Why was Scott Tariff removed from Ziopharm's Board?

Scott Tariff was removed as part of a governance change following WaterMill's engagement.