ZimCal Asset Management, LLC and Its Affiliates Nominate Two Highly Qualified, Independent Candidates to the Board of Medallion Financial Corp.
12 Abril 2024 - 4:28PM
Business Wire
- Medallion Financial Corp. stock price is down 40% over the last
10 years.
- ZimCal seeks changes in leadership and governance and believes
the current Board lacks independence and has rewarded management at
the expense of stockholders.
- ZimCal sees heightened near-term risk factors given Medallion’s
material subprime exposure, worsening charge-offs and poor history
of loss mitigation.
- ZimCal sees tremendous growth and long-term profit potential
for the Company with the right governance, management and business
strategy in place.
- ZimCal launches campaign website www.restoretheshine.com.
ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund
LLC, Warnke Investments LLC and Stephen Hodges (collectively
“ZimCal”) one of the largest investors in Medallion Financial Corp.
(the “Company” or “MFIN”) with over $15.5 million in debt and
equity investment exposure, filed a preliminary proxy statement
with the Securities and Exchange Commission (“SEC”) in connection
with its nomination of two independent Board candidates for
election to the Company’s Board of Directors (the “Board”) at the
2024 Annual Meeting of Stockholders.
ZimCal’s nominees have a combined 40 years of financial
experience in areas including banking, consumer lending,
securitization, credit analysis and capital markets. Their
experience directly overlaps with, and will enhance, the Company’s
core business. The nominees bring a fresh perspective, are unafraid
to challenge the status quo and will work tirelessly to help create
shareholder value.
ZimCal will issue ongoing press releases with updates and
details on its plan to “Restore the Shine” to Medallion Financial
Corp. All releases will also be at www.restoretheshine.com.
Visit https://restoretheshine.com/home#Nominees to learn about
our nominees.
Visit www.restoretheshine.com to view important details and
updates, and to sign-up.
About ZimCal Asset Management, LLC
ZimCal Asset Management is an alternative investment firm
focused primarily on niche, illiquid and complex credit investment
opportunities.
ZimCal Asset Management partners with both healthy and
distressed borrowers or issuers and provides customized solutions
that meet their unique needs and circumstances. Over the last 15
years, the founder of ZimCal Asset Management has developed a
specialization investing in FDIC-insured institutions and has
partnered with over 120 bank lenders through investments on both
sides of the balance sheet.
ZimCal usually works in collaboration with bank leadership teams
if required, but on very rare occasions, must insert itself more
forcefully if it believes that leadership is underwhelming and
threatens to undermine stakeholder investments. ZimCal prides
itself on performing extensive, rigorous financial analysis and
research to fully understand the risks of any investment.
Solicitation Information
This press release is not a solicitation of a proxy from any
security holder of Medallion Financial Corp. Stockholders are
urged to read the definitive proxy statement and WHITE proxy card
when they become available, because they will contain important
information about the ZimCal nominees and related matters.
Shareholders may obtain a free copy of the definitive proxy
statement and WHITE proxy card (when available) and other documents
filed by ZimCal on the web site of the Securities and Exchange
Commission (SEC) at www.sec.gov. Shareholders may also direct a
request to ZimCal’s proxy solicitor, Saratoga, 520 8th Avenue, 14th
Floor, New York, NY 10018 (shareholders can e-mail at
info@saratogaproxy.com or call toll-free at (888) 368-0379).
Participants in
Solicitation
The identity of the participants in the solicitation and a
description of their direct or indirect interests, by security
holdings or otherwise is contained in ZimCal’s preliminary proxy
statement filed with the SEC on April 10, 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240412354888/en/
nicole@nh-consult.com
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