Hawaiian Telcom Will Nominate John Fontana to Board
2016年3月10日 - 9:46AM
Today Hawaiian Telcom Holdco, Inc. (NASDAQ:HCOM) (“Hawaiian Telcom”
or the “Company”) announced it has entered into a Nomination,
Standstill and Support Agreement with Black Diamond Capital
Management, L.L.C. The Connecticut-based investment firm has
been a substantial investor in Hawaiian Telcom since 2012.
Black Diamond’s confidence in Hawaiian Telcom has steadily
increased along with its investment in the Company. With
approximately 23 percent of Hawaiian Telcom’s common shares, Black
Diamond, through its managed funds, is now Hawaiian Telcom’s
largest shareholder.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/e7d22bde-7b20-4191-bc46-521d30354056
Under the Agreement, the Company’s Board of Directors has agreed
to nominate John Fontana (or another Black Diamond representative)
at each of the Company’s next three annual meetings of stockholders
to serve on Hawaiian Telcom’s Board of Directors. Fontana is
a Senior Managing Director at Black Diamond, where he oversees a
number of Black Diamond’s key investments. He is a seasoned
executive possessing extensive direct corporate operational
experience as well as experience managing companies on behalf of
well-established investment firms. Prior to joining Black
Diamond, Fontana was the President of Yankee Candle International
and his prior positions included serving as a partner with Deloitte
& Touche in its leveraged transactions group. He received
a bachelor’s degree in economics and political science from Yale
University and an MBA from the Tuck School of Business at Dartmouth
College.
“We are confident that Black Diamond’s expertise and John’s
advice as a board member will enhance our shared objective to
increase shareholder value,” said Scott K. Barber, Hawaiian
Telcom’s President and CEO. “This Agreement provides a means
for Black Diamond to be actively engaged with us. We look
forward to wide ranging and open discussions with John Fontana on
growing Hawaiian Telcom as Hawaii’s Technology Leader.”
“The investment Hawaiian Telcom has made in the state’s
broadband infrastructure uniquely positions the company to increase
both its margins and its market share in the growing broadband and
cloud-services industry,” said Fontana. “I’m confident in the
direction and leadership of the management team and look forward to
working with the Board to execute the company’s strategic plan,
ultimately unlocking additional value at Hawaiian Telcom.”
As part of the Agreement, the Company will also submit a letter
to the Hawai‘i Public Utilities Commission in support of Black
Diamond’s petition to increase its ownership of the Company’s
outstanding common stock. The Company has agreed to support
Black Diamond increasing its ownership stake to up to 31.5
percent.
In connection with the Company’s agreement to nominate a Black
Diamond representative to Hawaiian Telcom’s Board of Directors and
to support Black Diamond’s petition before the Hawai‘i Public
Utilities Commission, Black Diamond has agreed to customary
standstill and support commitments for a term of three years.
Forward-Looking Statements
In addition to historical information, this release includes
certain statements and predictions that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. In particular, any statement, projection
or estimate that includes or references the words “believes”,
“anticipates”, “intends”, “expected”, or any similar expression
falls within the safe harbor of forward-looking statements
contained in the Reform Act. Actual results or outcomes may
differ materially from those indicated or suggested by any such
forward-looking statement for a variety of reasons, including, but
not limited to: failures in Hawaiian Telcom’s critical back office
systems and IT infrastructure; breach of the our data security
systems; increases in the amount of capital expenditures required
to execute our business plan; the loss of certain outsourcing
agreements, or the failure of any third party to perform under
these agreements; our ability to sell capacity on the new submarine
fiber cable project; adverse changes to applicable laws and
regulations; the failure to adequately adapt to technological
changes in the telecommunications industry, including changes in
consumer technology preferences; adverse economic conditions in
Hawai‘i; the availability of lump sum distributions under our union
pension plan; limitations on the ability to utilize net operating
losses due to an ownership change under Internal Revenue Code
Section 382; the inability to service our indebtedness; limitations
imposed on our business from restrictive covenants in the credit
agreements; severe weather conditions and natural disasters;
network disruptions or other delays or interruptions of service;
and failure to renegotiate programming contracts with television
content providers. More information on potential risks and
uncertainties is available in recent filings with the Securities
and Exchange Commission, including Hawaiian Telcom’s 2014 Annual
Report on Form 10-K. The information contained in this release is
as of February 25, 2016. It is anticipated that subsequent events
and developments may cause estimates to change, and the Company
undertakes no duty to update forward-looking statements.
About Hawaiian Telcom
Hawaiian Telcom (NASDAQ:HCOM), headquartered in Honolulu, is
Hawai‘i’s technology leader, providing integrated communications,
broadband, data center and entertainment solutions for business and
residential customers. With roots in Hawai‘i beginning in 1883, the
Company offers a full range of services including Internet, video,
voice, wireless, data network solutions and security, colocation,
and managed and cloud services supported by the reach and
reliability of its next generation fiber network and a 24/7
state-of-the-art network operations center. With employees
statewide sharing a commitment to innovation and a passion for
delivering superior service, Hawaiian Telcom provides an Always
OnSM customer experience. For more information, visit
hawaiiantel.com.
Media Contact:
Su Shin
(808) 546-2344
su.shin@hawaiiantel.com
Investor Relations Contact:
Ngoc Nguyen
(808) 546-3475
ngoc.nguyen@hawaiiantel.com
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 6 2024 まで 7 2024
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 7 2023 まで 7 2024