HC2 Holdings Highlights Its Vision for the Future

Exposes the Risks of Percy Rockdale’s Misinformed and Impractical Plan

HC2 IS EXECUTING ITS PLAN TO CREATE STOCKHOLDER VALUE

Percy Rockdale’s Business Plan is Impractical, Illogical, Infeasible and Costly to Execute and Destroy HC2’s Future

HC2 Recommends Stockholders Sign, Date and Promptly Return the WHITE Consent Revocation Card and Mark “REVOKE MY CONSENT” Boxes to Oppose Each of Percy Rockdale’s Proposals and Support HC2’s Independent, Experienced and Highly-Qualified Directors

NEW YORK, April 22, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, today issued a letter to stockholders providing HC2’s current plan to deliver stockholder value versus Percy Rockdale’s irrational plan that risks destroying the value of your investment in HC2.

The Company also encouraged stockholders to visit www.HC2Vision.com to learn more about HC2’s leadership and plan to maximize value for all stockholders.

The full text of the letter from the HC2 Board of Directors follows:

Dear HC2 Stockholders:

Your Board and management team are executing on HC2’s plan to enhance value for all HC2 stockholders. HC2’s well thought out strategy is in direct contrast to Percy Rockdale’s ill-conceived plan which would likely destroy stockholder value and is a misleading ploy to garner investor support. We respectfully ask that you take a few minutes to learn the deep risks inherent in Percy Rockdale’s thoughtless plan and promptly return the WHITE card marked “REVOKE MY CONSENT.”

We want to set the record straight so that you can make an informed decision based on the FACTS. As your Board of Directors, we once again urge you to ignore Percy Rockdale’s misleading schemes and support your current Board to continue to deliver enhanced long-term stockholder value.

HC2 is Executing its Plan to Create Stockholder Value

Reduce Debt

• A well-planned and realistic strategy of asset dispositions continues moving forward
• The sale of Global Marine Group generated $99M in net proceeds, with approximately $77 million used to reduce Company debt
• We expect the consummation of the sale of our HMN joint venture interests to generate $62 million of proceeds, less taxes and other adjustments, to further reduce debt 
• In advanced discussions to sell Continental General Insurance Company
• Currently exploring strategic alternatives for DBM Global
• Our objective is to fully pay down our Senior Secured Notes through these strategic transactions allowing us to realize the full value of our growth assets

Reduce Overhead