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Post Properties, Pentwater Capital agree on director elections, annual meeting to be held Oct. 16
By Lisa Kerner
Charlotte, N.C., Aug. 5 - Post Properties, Inc., Pentwater Capital Management and Pentwater Growth Fund entered into an agreement in connection with the election of directors at the annual meeting set for Oct. 16. Record date for the meeting is Sept. 8.
Under the agreement David R. Schwartz, managing member of Waterton Associates, a Chicago-based real estate firm, will stand for election.
Eight of Post Properties' nine incumbent directors will stand for reelection since one incumbent has reached mandatory retirement age under the company's corporate governance guidelines, a Post Properties news release stated.
Pentwater agreed to vote for the agreed upon slate of nominees.
Post Properties said it will select a new mutually agreed upon independent director.
Directors stand for election annually under Post Properties' board structure.
According to Post Properties, Douglas Crocker II was named the board's vice chairman. He will continue to serve as chairman of the board's strategic planning and investment committee.
In June it was announced that Post Properties ended its process to sell the company after five months, citing poor economic conditions.
The company said it would pursue strategies to enhance shareholder value including asset sales, reduction of corporate overhead, and financing for development activity.
It was previously reported in January that Post Properties received an unsolicited proposal from Cadim and Williams Realty Advisors, LLC to acquire all of the company's outstanding common shares at a price range of $44 to $47 per share in cash. Williams Realty is controlled by John A. Williams, former Post chairman and chief executive officer.
Post is an Atlanta-based upscale multifamily community real estate investment trust.
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