NEW YORK, Jan. 29, 2014 /PRNewswire/ -- Corvex Management LP and Related Fund Management, LLC, whose separately managed investment funds collectively own approximately 9.6% of the outstanding shares of CommonWealth REIT (NSYE: CWH), today announced they have commenced mailing their solicitation materials, and also sent a letter to CommonWealth shareholders urging them to vote the GOLD consent card and remove the entire Board of CommonWealth. Corvex and Related believe that the removal of ALL CommonWealth REIT Trustees is the only path to effect real change and unlock the substantial value embedded within the company's conflicted structure. Without removal of the entire board, shareholders will continue to have a company operated by the same management team that has overseen the worst performing public suburban or CBD office REIT, as measured by virtually any metric.
Corvex and Related intend to submit to CommonWealth a record date request by February 16, after which CommonWealth will have 10 business days to set the record date. The consent solicitation must be concluded within 30 days of the record date.
Corvex and Related also want to remind all shareholders that any shares on loan on the upcoming record date will not be eligible to consent. If you engage in share-lending and would like to be able to exercise a consent on your full share position, contact your custodian, bank or broker as soon as possible and instruct them to recall your shares so that you will be entitled to execute a written consent for all your shareholdings as of the upcoming record date.
Please note that internet voting is NOT available. Shareholders must sign, date and return the GOLD Consent Card in the pre-paid return envelopes they will be receiving. If you are a CommonWealth shareholder we urge you to call today our solicitor, D.F. King & Co., Inc., at 1-800-714-3313 to make sure we receive your consent.The text of the letter to CWH shareholders is as follows: