PITTSBURGH, June 12, 2020 /PRNewswire/ -- Hestia Capital Partners LP ("Hestia"), Permit Capital Enterprise Fund, L.P. ("Permit") and their affiliates (the "Investor Group"), who beneficially own approximately 7.3% of the outstanding shares of GameStop Corp. (NYSE: GME) (the "Company"), announced that, based on preliminary voting results provided by its proxy solicitor, Saratoga Proxy Consulting LLC, the Investor Group's two nominees, Paul J. Evans and Kurtis J. Wolf have been elected to the GameStop Board of Directors (the "Board) at today's Annual Meeting of Stockholders.
John Broderick, a Partner with Permit, stated, "We are grateful that stockholders elected our two qualified, independent nominees to the Board. We are confident that Paul and Kurt's skills and experience will prove complimentary to those already on the Board, which has added a number of talented Directors over the past fourteen months. Together, we believe these individuals will help GameStop realize its significant potential in the gaming industry."
Mr. Wolf, Managing Member of the General Partner of Hestia, added, "Paul and I are excited to work with our fellow Directors to address stockholder concerns by reducing corporate costs, improving capital allocation, fixing corporate governance issues, and better aligning compensation."
Concluded Mr. Wolf, "GameStop is a unique player in the gaming industry, and we are excited to be a part of the Company's next generation of leadership. We are optimistic that the newly reconstituted Board has the right mix of people and skills to unlock GameStop's significant latent value. We hope that all stakeholders, particularly the Company's critically valuable customer-facing employees, can feel confident that GameStop's best days are ahead of it."
About Hestia Capital
Hestia Capital is a long term focused, deep value investment firm that typically makes long-term investments in a narrow selection of companies facing company-specific, and/or industry, disruptions. Hestia seeks to leverage its General Partner's expertise in competitive strategy and capital markets to identify attractive situations within this universe of disrupted companies. These companies are often misunderstood by the general investing community and provide the 'price dislocations' which allows Hestia to identify, and invest in, highly attractive risk/reward investment opportunities.
About Permit Capital Enterprise Fund
The Permit Capital Enterprise Fund, through its management company, follows an investing philosophy that seeks to identify securities trading at a discount to intrinsic value. The investment approach is bottom-up and focused on the valuation of the securities of individual issuers. The management company's assessment of intrinsic value is based on its own fundamental research as well as numerous sources of publicly available information.
Kurt Wolf at 724-687-7842
John Broderick at 610-941-5025
SOURCE Hestia Capital Management, LLC & Permit Capital Enterprise Fund, L.P.