Views Recent Developments as Positive Steps and a Direct Result of
its Efforts Towards Improving the Corporate Governance Policies of Enzon
and Withdraws Consent Solicitation
DellaCamera Capital Management, LLC (“DellaCamera”) and related
entities, which beneficially hold approximately 8.3% of the shares of
Enzon Pharmaceuticals, Inc. (“Enzon” or the “Company”) (NASDAQ: ENZN),
today announced that it is encouraged by the recent actions taken by the
Enzon Board of Directors (the “Board”) and the Company’s announcement
that it has formally separated the roles of Chairman and CEO and named
Dr. Alexander J. Denner, a representative of affiliated entities of Carl
Icahn and previous Chairman of the Executive Committee of ImClone
Systems Incorporated, to replace Jeffrey H. Buchalter as Chairman of the
Board. DellaCamera is also encouraged by the fact that its efforts have
led to the addition of Harold J. Levy, co-CEO of Iridian Asset
Management LLC, the Company’s largest shareholder, as a new, independent
member to the Board.
As a result of these positive developments, DellaCamera also announced
today that it is withdrawing its current consent solicitation to amend
Enzon’s By-laws and to remove Enzon CEO and President Jeffrey H.
Buchalter in order to better allow the Company’s new Chairman and new
independent director to bring positive change to the Board. DellaCamera
notes that it has not entered into any standstill agreement with the
Company.
Richard Mansouri, Portfolio Manager and Head of Research at DellaCamera,
stated: “While it has taken tremendous effort to cause the Company to
act, we are encouraged by the recent developments at Enzon and these new
signs of improving corporate governance. With the separation of the
roles of Chairman and CEO, we believe the vise-like grip that CEO and
former Chairman Jeffrey H. Buchalter has had on this Company has been
significantly loosened. Furthermore, with three new members joining the
Company’s Board within the last two months, including representatives of
entities affiliated with Carl Icahn and a representative of Iridian
Asset Management LLC that together represent approximately 25% of
Enzon’s outstanding shares, we believe that the Board now includes
individuals with significant vested interests who can more effectively
guide management’s decisions and are better able to represent and
protect shareholder interests. DellaCamera has confidence that these
members will take timely steps to enhance value and address the
Company’s discounted valuation.
