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CommonWealth REIT (NYSE: CWH) today announced that it has made available to shareholders an investor presentation on the Company’s website at www.cwhreit.com. The presentation will also be filed with the U.S. Securities and Exchange Commission (“SEC) and will be available on the SEC’s website at www.sec.gov.
The Company also announced that it has mailed a letter to shareholders asking them to support the Board in its continued execution of the Company’s strategic business plan, which is producing results as evidenced by CWH’s strong fourth quarter performance, and opposed the ongoing efforts of Related Fund Management, LLC and Corvex Management LP (“Related/Corvex”) to take control of the Company without paying shareholders.
Adam Portnoy, Managing Trustee and President of CWH, made the following statement regarding today’s announcement:
“The Board and management remain committed to executing our business strategy, which is yielding benefits for all CWH shareholders, as evidenced by our fourth quarter results that exceeded expectations on almost every financial and operating metric.
“In contrast, we believe the scheme proposed by Related/Corvex is reckless and not in the best interests of shareholders. Related/Corvex have been relentlessly pursuing their hostile campaign to remove the entire CWH Board, without cause, and install their hand-picked replacement slate in order to take control of CWH without paying shareholders. Shareholders should carefully consider Related’s abysmal track record of controlling publicly owned real estate companies and take into account the considerable shareholder value destruction that could ensue if the entire CWH Board is removed without cause, including possible rating agencies downgrades and loan defaults and possible actions by lenders.
“CWH shareholders are reminded that their vote is important, no matter how many or how few shares they own. We urge all shareholders to protect their investment by using the
WHITEconsent revocation card. Please do not return or otherwise vote any gold consent card sent to you by Related/Corvex, as we believe their effort to remove the entire CWH Board could destroy shareholder value.”
The full text of the letter follows: