– USA, HI – Hawaiian Telcom Holdco, Inc. (NASDAQ:HCOM), announced today that it has entered into a Nomination, Standstill and Support Agreement with Twin Haven Capital Partners L.L.C. and certain affiliated entities, including two funds managed thereby. The California-based investment firm has been a substantial shareholder since the Company first became publicly traded in 2010. Since then, Twin Haven has continued to support the company by increasing its ownership share. Twin Haven is now Hawaiian Telcom’s second largest shareholder, with approximately 22 percent of Hawaiian Telcom’s common shares.
Under the Agreement, Robert B. Webster will be nominated to Hawaiian Telcom’s Board of Directors at each of the Company’s next three annual stockholders’ meetings. With this nomination, the Company continues to enhance shareholder representation on its board.
“We are pleased that this Agreement enables Twin Haven and Rob to positively and actively engage with us,” said Scott K. Barber, Hawaiian Telcom’s President and CEO. “A seasoned board member with deep financial and telecommunications experience, Rob will be a valuable addition to our Board. I’m confident that he will make a positive impact on our Company as we continue to grow the business and reinforce our standing as Hawaii’s Technology Leader.”
Webster is a co-founder and Senior Managing Director of Twin Haven and Portfolio Manager of Twin Haven’s Special Opportunities Funds. He is an experienced board member, having served on the boards of 11 different companies across a diverse array of industries, including several in the telecommunications industry. Prior to launching Twin Haven, Webster was a Managing Director at Pequot Capital Management, Inc. where he served as Portfolio Manager of the Special Opportunities Funds that were subsequently transitioned to Twin Haven at its founding. His prior career experience also includes tenure as a senior investment professional at the private investment firm that previously founded Global Crossing, as well as service as a Senior Vice President at Global Crossing (which was subsequently acquired by Level 3). His career experience also includes tenure as a partner at KPMG. Webster received a bachelor’s degree in economics from the University of California Los Angeles and was formerly a Certified Public Accountant.
“I look forward to joining Hawaiian Telcom’s Board at this critical time in the company’s rich history,” said Webster. “I believe that, as a result of the company’s significant investment in its technology platforms, services and people, it enjoys a strong strategic position that can be leveraged moving forward. I look forward to working together with the other members of the Board and the management team to further the common goal of serving customers and maximizing Hawaiian Telcom’s shareholder value.”
The Agreement also provides for the Company’s support if Twin Haven should opt to increase its ownership stake to up to 31.5 percent.
In connection with the Company’s agreement to nominate a Twin Haven representative to Hawaiian Telcom’s Board of Directors, Twin Haven has agreed to customary standstill and support commitments for a term of three years.
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