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SOURCE Related Companies
Support Consent Solicitation; Vote the GOLD Consent Card Today
NEW YORK, Feb. 19, 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 (NYSE: CWH), today issued the following letter to shareholders of CommonWealth in connection with their consent solicitation.
Corvex and Related urge shareholders to vote the GOLD consent card and remove the entire Board of CommonWealth. Corvex and Related recently announced that Sam Zell and David Helfand have joined their slate of highly qualified trustee nominees that would replace the current value destructive Board. CommonWealth has set a record date of February 18, 2014, and the consent solicitation will be completed by March 20, 2014.
The text of the letter to CWH shareholders is as follows:
Dear Fellow Shareholders:
After one year of obstruction and litigation by the Portnoys and their beholden Trustees, you finally have an opportunity to vote on the removal of the entire Board of Trustees and put an end to almost three decades of mismanagement and value destruction at CommonWealth REIT. We urge you to seize the moment and support us to start a new chapter in CommonWealth's history by signing, dating and returning the enclosed GOLD consent card TODAY.
SAM ZELL AND DAVID HELFAND HAVE JOINED OUR SLATE OF NOMINEES
We recently announced that Sam Zell and David Helfand have joined our slate of highly qualified trustee nominees that would replace the Portnoys' Board:
Mr. Zell and Mr. Helfand bring exceptional investment, real estate and public company credentials to an already highly qualified slate of nominees. In addition, Mr. Zell and Mr. Helfand plan to bring to CommonWealth their highly qualified and experienced management team to execute on a value-driven strategy and utilize their expertise in turning around underperforming assets.
COMMONWEALTH HAS SET A RECORD DATE OF FEBRUARY 18, 2014, AND OUR CONSENT SOLICITATION MUST BE COMPLETED BY MARCH 20, 2014. THERE IS NO INTERNET VOTING, SO WE URGE YOU TO SIGN, DATE AND RETURN THE ENCLOSED GOLD CONSENT CARD IN THE PRE-PAID ENVELOPE TODAY.
COMMONWEALTH SHAREHOLDERS HAVE A CHOICE BETWEEN TWO PATHS
We believe our consent solicitation gives shareholders a choice between two paths:
And since a picture is worth a thousand words, we are enclosing for your review a chart that compares Mr. Zell's track record as Chairman of EOP, EQR and ELS and the Portnoys' track record at CommonWealth. The chart speaks for itself. We believe the choice could not be clearer!
SEIZE THIS OPPORTUNITY TO TAKE BACK YOUR COMPANY
From 7/7/1997 (the earliest date on which the Zell-chaired REITs and CWH were all public) to 2/25/2013 (the last trading day before Corvex and Related filed their initial 13-D). 2013 RMR fees reflected annualized YTD 9/30/2013 figures. Q3 2013 RMR fees include fees paid by Select Income REIT (SIR) to make the figure comparable to historically disclosed figures.
Online readers click here to view the chart: http://www.shareholdersforcommonwealth.com/wp-content/uploads/2014/02/ZellvsCWHPerformance.pdf
CommonWealth REIT truly needs Board members who are accountable to you, the owners of the company. Our proposed nominees – which now include Sam Zell and David Helfand – are highly qualified with wide-ranging and relevant experience. Most importantly, they bring a fresh, critical perspective and skillset that will be vital to oversee execution of a strategic plan designed to create value for ALL shareholders.
The time to act is NOW. Execute the GOLD consent card to remove the entire Board of Trustees today and unlock the substantial value embedded in CommonWealth.
We thank you for your continuing support.
Jeff T. Blau
Corvex Management LP
Related Fund Management, LLC
Vote For Value Creation
Vote Against Value Destruction
Vote The Gold Consent Card
If you have any questions or need assistance voting your shares, please call today D.F. King & Co., Inc., our proxy solicitor, at (800) 714-3313. Also visit us at www.shareholdersforcommonwealth.com.
About Corvex Management LP
Corvex Management LP is an investment firm headquartered in New York, New York that engages in value-based investing across the capital structure in situations with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach to investing with a specific focus on equity investments, special situations and distressed securities largely in North America.
About Related Fund Management LLC
Related Fund Management, LLC is an affiliate of Related Companies, one of the most prominent privately-owned real estate firms in the United States. Formed 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Related's existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties. For more information about Related Companies please visit www.related.com.
Additional Information Regarding the Solicitation
Corvex Management LP and Related Fund Management, LLC have filed a definitive solicitation statement with the Securities and Exchange Commission (the "SEC") to (1) solicit consents to remove the entire board of trustees of CommonWealth REIT (the "Removal Proposal"), and (2) elect a slate of new trustees at a special meeting of shareholders that must be promptly called in the event that the Removal Proposal is successful. Investors and security holders are urged to read the definitive solicitation statement and other relevant documents because they contain important information regarding the solicitation. The definitive solicitation statement and all other relevant documents are available, free of charge, on the SEC's website at www.sec.gov. Information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, to the extent applicable, is available in the definitive solicitation statement filed with the SEC on January 28, 2014 and Supplement No. 1 filed with the SEC on February 13, 2014.
For further information, contact:
Edward McCarthy / Richard Grubaugh
D.F. King & Co., Inc.
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