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     154  0 Kommentare 180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc.

    MONTCLAIR, N.J. , March 22, 2021 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today issued the following open letter to the board and shareholders of Enzo Biochem, Inc. (“ENZ”).

    To The Independent Directors of Enzo,

    Dov Perlysky
    Rebecca Fischer
    Dr. Ian Walters
    Dr. Mary Tagliaferri

    This is a highly bothersome and rather disappointing second public letter that I feel we must write to you, the Board of ENZ. While we were mildly supportive of the leadership change that you announced last week, we also knew at the end of the day you would end up playing games. We are appalled by what we believe is a shameful decision by ENZ’s Nominating/Governance Committee to not accept the resignation of Dr. Elazar Rabbani from ENZ’s Board. You clearly have no respect for the will of your shareholders who are the true owners of this company. You also appear to have no idea of what we believe is your role is as board members and what the word accountability means. We believe that your job as directors of a publicly traded company is to practice proper corporate governance, oversee the company’s strategy, and ensure that the management team is creating value for its shareholders. As we noted in our first public letter, and discuss further below, Dr. Rabbani has not generated value for shareholders. In fact, he has destroyed value for shareholders; and yet you chose to look the other way and somehow convince yourselves that he is irreplaceable. I thought the two new board members, Dr. Tagliaferri and Dr. Walters, would provide an objective analysis of the situation. Instead, they appear to have drunk the Kool-Aid and participated in a decision that is akin to giving the middle finger to your shareholders.

    In your release, you state the reason Dr. Rabbani is staying as a member of the ENZ’ Board is due to his “historical knowledge of the Company’s business and the industry.” Where was the section where you examined his execution on behalf of shareholders as part of your decision-making process? Having knowledge of the company or industry carries no weight if you can’t steer the business to achieve an acceptable return for shareholders. Dr. Rabbani’s historical knowledge of the ENZ’s business and industry has led to a share price that sits at the same level it did in 1992. I literally can’t say that out loud without laughing. 1992! Yet with these facts staring you in the face, you don’t have the decency to do what a majority of shareholders voted for you to do at the most recent annual meeting? I don’t get it.

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    180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. MONTCLAIR, N.J. , March 22, 2021 (GLOBE NEWSWIRE) - 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today issued the following open letter to the board and shareholders of Enzo Biochem, Inc. (“ENZ”). To The Independent Directors …

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