Investor Contact: Cody VandeVelde Director, Investor Relations Phone: 785-575-8227 Cody.VandeVelde@evergy.com Elliott, the New York hedge fund of billionaire Paul Singer, announced a $760 million stake in Evergy in January and asked him to review its management and consider a merger. Evergy contacted several potential buyers, but decided that implementing operational changes would bring more potential value to shareholders, according to people familiar with the deal. The statements contained in this press release, which are not based on historical facts, are forward-looking, may involve risks and uncertainties, and may be made from the date of publication. Forward-looking statements include, among other things, statements about our strategic plan, including, but not only on earnings per share and dividend growth objectives, operating and maintenance savings objectives, and future capital allocation plans; The outcome of regulatory and judicial proceedings; and other issues related to expected financial performance or the impact on future operations. Forward-looking statements are often taken with forward-looking words such as “prefaced,” “believes,” “expected,” “expected,” “should,” “seeks,” “projects,” “project,” “project,” “project,” “perspectives,” “confident,” “objective,” “wants” or other words of similar importance. Forward-looking statements include risks, uncertainties and other factors that may cause actual results to deviate significantly from forward-looking statements. The strategic Review – Operations Committee is tasked with conducting a thorough and independent review to identify and recommend ways to increase shareholder value, including through a potential strategic combination or a modified long-term stand-alone operating plan and a modified long-term standalone business plan and strategy, as explained in more detail in the Committee`s charter. An initial deadline for Evergy`s special commission to present the results of the review was extended by two months to July 30, after the coronavirus pandemic slowed down the sales process. In accordance with the agreement, the office had until August 17 to decide on the committee`s recommendations. KANSAS CITY, Mo.— (BUSINESS WIRE)-Evergy, Inc. (NYSE: EVRG), a vertically integrated, regulated investor-owned electricity supplier, announced today that it has entered into an agreement with subsidiaries of Elliott Management Corporation (“Elliott”) that currently hold an economic interest of approximately 10 million shares of Evergy`s common stock. As part of the agreement, two new independent directors will be added to Evergy`s Board of Directors effective March 3, 2020.
In addition, the Board of Directors is establishing a new Strategic Review and Operations Committee (the “Committee”) to explore opportunities to increase shareholder value. Terry Bassham, Art Stall, Paul Keglevic and Kirk Andrews will serve as members of the committee, and Art Stall and Paul Keglevic will be co-chairs. The Charter of the new Committee will allow it to retain its own independent advisors, advisors and advisors to facilitate its review. In addition, Elliott has entered into an information exchange agreement that will allow for an ongoing dialogue between Elliott and the Committee. The Committee intends to complete its review, subdivide its formal recommendation to Evergy`s Board of Directors and make public the results of the review in the first half of 2020. Elliott Management, a Kansas City-based energy supplier, has approved with Evergy a sustainable transformation plan that will focus on an accelerated transition and greater reliance on renewable energy.