WHLR - Independent Proxy Advisory Firm ISS Recommends Common Stockholders Vote “FOR†All Special Meeting Proposals
(NewsDirect)
Wheeler Real EstateInvestment Trust, Inc. (the “Company” or “WHLR”) (NASDAQ:WHLR) today announced that independent proxy advisory firm,Institutional Shareholder Services (“ISS”), has recommended in itsreport issued on October 25, 2021 that WHLR common stockholders vote“FOR” all of the proposals in the Definitive Proxy Statement filedby the Company on October 4, 2021 relating to the removal of anycumulative dividend rights of holders of the Company’s Series APreferred Stock and Series B Preferred Stock.
WHLR notes that ISS isnow the second independent proxy advisory firm to recommendstockholders vote “FOR” all of the proposals at the Company’sNovember 3, 2021 Special Meeting of Common Stockholders following therecommendation from another leading proxy advisor firm, Glass Lewis,in a report issued on October 7, 2021.
In its report issued yesterday, ISSstated, [1]
“The company has facedpressure from activist investors over the past several years, whichhas led to a fully reconstituted board and changes in executivemanagement. The proposed changes to the terms of the preferred sharesappear to be one of the steps of the turnaround effort undertaken bythe board.”
And
“Notwithstanding theopposition from the holder of preferred shares [2] , supportfor each proposal is warranted as the rationale for the proposedamendment appears reasonable given that the elimination of cumulativepreferred dividends would improve the company's financialcondition and not otherwise adversely impact the rights of commonshareholders.”
[1] Permission to use quotations neithersought nor obtained.
[2] ISS, in its report, isreferring to Steamboat Capital Partners and its Schedule 13D/A filedwith the Securities and Exchange Commission on October 14, 2021.
WHLR common stockholdersare reminded that their vote is important, no matter how many or howfew shares they own. The Company’s board of directors recommendsthat common stockholders vote “FOR” all of the proposals at theCompany’s November 3, 2021 Special Meeting of CommonStockholders.
Ifyou would like copies of the Definitive Proxy Statement filed byWheeler in connection with the 2021 Special Meeting, have questionsabout any of the proposals, or require assistance voting your shares,please call the firm assisting us on this matter:
Okapi PartnersLLC
1212 Avenueof the Americas, 24th Floor
New York, New York 10036
+ 1 (212) 297-0720(Main)
+ 1 (877)566-1922 (Toll-Free)
Email: info@okapipartners.com
AboutWheeler Real Estate Investment Trust, Inc.
Headquarteredin Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. is afully integrated, self-managed commercial real estate investment trust(REIT) focused on owning and operating income-producing retailproperties with a primary focus on grocery-anchored centers. Pleasevisit: www.whlr.us
Forward-LookingStatements
This press release and related discussionsshould be read in conjunction with the Companyâ??s Annual Report onForm 10-K for the year ended December 31, 2020 and other reports filedwith the Securities and Exchange Commission. This press release andrelated discussions contain forward-looking statements made pursuantto the safe harbor provisions of the Private Securities LitigationReform Act of 1995. Forward-looking statements involve risks,uncertainties, and assumptions that are difficult to predict. Theseforward-looking statements include information concerning theCompanyâ??s plans, objectives, goals, strategies, future events,future revenues, performance, capital expenditures, financing needsand other information that is not historical information. Suchforward-looking statements reflect managementâ??s currentexpectations concerning future events and results of the Company.These statements are not guarantees of future performance and aresubject to risks, uncertainties and other factors, some of which arebeyond our control, are difficult to predict and could cause actualresults to differ materially from those expressed or forecasted in theforward-looking statements. Given these risks and uncertainties,stockholders should not place undue reliance on forward-lookingstatements as a prediction of actual results. Unless required by law,the Company assumes no obligation to update or provide revision to anyforward-looking statement at any time for anyreason.
Contact Details
ProxyInformation
Okapi Partners LLC
+1877-566-1922
Copyright (c) 2021 TheNewswire - All rights reserved.