Ramco-Gershenson shareholder nominates two for election to board

By Lisa Kerner

Charlotte, N.C., April 21 - Equity One, Inc. filed preliminary proxy statements with the Securities and Exchange Commission nominating David J. Nettina and Matthew L. Ostrower for election to Ramco-Gershenson Properties Trust's board of trustees at the company's annual meeting on June 10.

Nettina is formerly a senior executive with American Financial Realty Trust. Ostrower is formerly a member of Morgan Stanley's equity research department, according to an Equity One news release.

The release was included in a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

"Ramco-Gershenson has significantly underperformed its peers over the past 10 years, and time is of the essence as it undertakes its review of strategic and financial alternatives to address its looming debt maturities and lack of access to capital," Equity One chief executive officer Jeffery Olson said in the release.

Olson said he believes shareholders should have independent representation on Ramco-Gershenson's board as it explores strategic alternatives.

On March 25, Ramco-Gershenson said it was considering strategic alternatives with the assistance of Merrill Lynch & Co. Equity One, a 9.6% shareholder, then suggested acquiring Ramco-Gershenson.

Ramco-Gershenson is a real estate investment trust based in Farmington Hills, Mich.

Equity One is a North Miami Beach, Fla.-based real estate company.

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