Nominates David Schwartz to Stand for Election to the Board of Directors; One Additional Director to be Agreed Upon by Company and Pentwater Names Doug Crocker Vice Chairman of the Board;
Schedules Annual Meeting to be Held October 16, 2008
Schedules Annual Meeting to be Held October 16, 2008
ATLANT
A--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that it has entered into an agreement with Pentwater Capital Management and Pentwater Growth Fund in connection with the election of directors at the Annual Meeting of Shareholders scheduled to be held on October 16, 2008.
A--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that it has entered into an agreement with Pentwater Capital Management and Pentwater Growth Fund in connection with the election of directors at the Annual Meeting of Shareholders scheduled to be held on October 16, 2008. The Company also announced that its Board of Directors has named Douglas Crocker II (middle right photo) as Vice Chairman. Mr. Crocker will also continue to serve as chairman of the Strategic Planning and Inves
tment Committee of the Board.
tment Committee of the Board. Under the terms of the agreement with Pentwater, David R. Schwartz (middle left photo) will stand for election at the 2008 Annual Meeting and the Company will select a new mutually agreed upon independent director.
Eight of the Company’s nine incumbent directors will stand for re-election. One incumbent director has reached the mandatory retirement age under the Company’s Corporate Governance Guidelines and, as a result, will not stand for re-election to the Board. Pentwater has agreed to support and vote for the agreed upon slate of nominees at the Annual Meeting. Under the Company’s Board structure, each director stands for election annually.
Mr. Schwartz is a Managing Member and founder of Waterton Associates, a Chicago-based real estate firm t
hat, since its inception in 1995, has acquired more than 39,000 apartments in 109 properties in most major metropolitan areas of the United States.
hat, since its inception in 1995, has acquired more than 39,000 apartments in 109 properties in most major metropolitan areas of the United States. The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is September 8, 2008.
Robert C. Goddard, III, Chairman of the Company’s Board of Directors, said, “We are pleased that the agreement with Pentwater will allow the Company to continue to focus exclusively on its business. The Board looks forward to the contribution of David Schwartz, and to the continuing leadership of Doug Crocker in his added role as Vice Chairman.”
Said David P. Stockert,(top right photo) President and CEO, “Working together with the Board, our management team is committed to build on the strengths of the Company to pursue the common goal of enhancing value for shareholders.”
CONTACT: Post Properties, Inc., David Stockert, 404-846-5000
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