ATLANTA - Zuma Capital Management, LLC, a significant shareholder of Presidio Property Trust, Inc. (NASDAQ: SQFT), has proposed five new candidates for the company's Board of Directors in an effort to initiate change and enhance stockholder value. The investment firm, holding approximately 7.7% of Presidio's Series A Common Stock, announced its nominations ahead of Presidio's 2024 Annual Meeting of Stockholders.
Zuma Capital's move comes amid concerns regarding Presidio's share price performance and corporate governance. The investment group has criticized the current board for what it perceives as a failure to act in the best interests of stockholders, pointing to Presidio's Total Shareholder Return (TSR) of -24.09% since its public listing and a three-year TSR of -23.00%.
The nominees, Reuben Berman, Stefani Carter, Vito Garfi, Brent Morrison, and Elena Piliptchak, were chosen for their experience in commercial real estate, corporate governance, and capital allocation. Zuma Capital contends that the current board's recent actions, including the approval of long-term employment contracts for Presidio's executives, are indicative of an entrenched leadership resistant to necessary changes.
Brent Morrison, Managing Member of Zuma Capital Management, expressed that the nominees are prepared to engage with Presidio's stockholders to discuss constructive ideas for the company's turnaround. The proposed board members aim to support a collegial boardroom dialogue to unlock Presidio's full potential.
The press release statement from Zuma Capital Management indicates that the firm has also raised questions about undisclosed business relationships between Presidio and Centurion Counsel, Inc., a private investment advisory firm with ties to Presidio's CEO and Chairman, Jack Heilbron.
Zuma Capital Management's campaign for boardroom change at Presidio underscores the firm's belief in the need for a fresh perspective to improve operating performance and increase stockholder value. The upcoming annual meeting will serve as a critical juncture for Presidio's stockholders to decide on the company's leadership direction.
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