SQFTW - Presidio Property Trust Reaches Agreement With Zuma Capital Management Appoints Elena Piliptchak to Board of Directors | Benzinga
SAN DIEGO, May 10, 2024 (GLOBE NEWSWIRE) -- Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), announced today that it has entered into a cooperation agreement with Zuma Capital Management, LLC ("Zuma"), Ouray Capital Management, LLC ("Ouray"), Reuben Berman, Stefani Carter, Vito Garfi, Brent Morrison, Elena Piliptchak, and certain affiliated and associated persons thereof (collectively, the "Zuma Investor Group") that beneficially holds, in the aggregate, 1,103,655 shares, or approximately 7.6%, of Presidio's outstanding common stock.
Under the terms of the cooperation agreement, Elena Piliptchak, the Managing Member of Ouray, has been appointed to the Presidio Board, effective immediately, as a Class III director with a term expiring at Presidio's 2026 Annual Meeting of Stockholders. In connection with this appointment, Presidio's Board has been increased from six to seven directors.
Jack K. Heilbron, Presidio's Chairman of the Board, Chief Executive Officer and President, stated, "We are pleased to have reached this constructive agreement with the Zuma Investor Group, which we believe is in the best interests of Presidio and our stockholders. I am also pleased to welcome Elena to the Presidio Board and we look forward to benefiting from her extensive experience in investment and portfolio management."
Brent Morrison, Zuma's Managing Member, stated, "We are pleased to have worked collaboratively with Presidio to reach this cooperation agreement, which we believe is a good outcome for all stockholders. We believe that the addition of a new independent director, particularly one with Elena's stockholder perspective, background, and expertise, will be instrumental in helping Presidio continue to execute upon its plans to enhance stockholder value."
Pursuant to the agreement, Zuma has agreed to withdraw the director nominations it had previously submitted to Presidio and the Zuma Investor Group will support the Presidio Board's slate of directors at the 2024 Annual Meeting of Stockholders. The Zuma Investor Group has also agreed to certain customary standstill provisions and voting commitments. The full cooperation agreement with the Zuma Investor Group will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission.
Gottfried Shareholder Advisory LLC served as strategic advisor, and Sichenzia Ross Ference Carmel LLP and Venable LLP served as legal advisors to Presidio. Olshan Frome Wolosky LLP served as ...