Wheeler REIT says Egan-Jones recommends shareholders vote for company nominees
Wheeler Real Estate Investment Trust announced that Egan-Jones Proxy Services, along with independent proxy advisory firm, Glass Lewis, has issued its recommendation for shareholders to vote FOR THE COMPANY'S NOMINEES on its WHITE proxy card. The company said, "Egan-Jones has identified that WHLR is on course and taking the correct steps to strengthen its financial position with its existing management team and Board who possess the right mix of qualifications, expertise and experience to implement and accomplish the stated goal of returning shareholder value. Egan-Jones also stated that Stilwell has not produced a comprehensive plan that would compel them to support Stilwell's claims against WHLR. The analysis and evaluation excerpt from the Egan-Jones report is as follows: 'Based on our review of publicly available information, we believe that voting FOR the management nominees is in the best interest of the Company and its shareholders. In arriving at that conclusion, we have considered the following factors: In our view, the management and Board is in the right track of executing strategies to strengthen the Company's financial position, in terms of reducing its debt ratio through the liquidation of its non-core assets, improving capital allocation and delivering positive total shareholder returns. We believe that these factors clearly translate the incumbent management and Board's intent to maximize shareholder value in the long-run. We believe that the management's slate possesses the right mix of qualifications, expertise and experience to implement and accomplish the Company's goal and strategies to boost value creation for the shareholders. We are not convinced that Stillwell has a comprehensive plan for the Company, in the event that their nominees will be elected to the Board. As such, there is no compelling reason to support their claims against the Company for the time being, due to lack of blueprint for the betterment of the Company and its shareholders.' The WHLR Board reminds shareholders that every vote is extremely important regardless of how many shares are owned and unanimously recommends that all shareholders vote "FOR" all of WHLR's highly qualified director nominees on the WHITE proxy card and discard any green proxy card that you may have received from Stilwell."