Cygnus Capital Issues Statement Regarding the Right of Holders of Preferred Shares of Pennsylvania Real Estate Investment Trust to Elect Two Board Trustees at the Recently Adjourned 2022 Annual Meeting of Shareholders
Details Voting Intentions and Reasons Why There Is Urgency to Add Two Independent Preferred Stock Trustees to the Board
Holders of record as of the close of business on
Cygnus has nominated
Cygnus believes that a quorum, as defined in the Trust's governing documents, was achieved at the originally convened
While Cygnus disagrees with the Trust's position, Cygnus is nonetheless taking this opportunity to inform holders of Preferred Shares of their right to representation on the Board and to make clear its voting intentions with respect to the Annual Meeting.
We intend to vote "FOR" the election of Messrs. Swann and Hart as Preferred Trustees because Cygnus believes PEI has a limited window to put its financial affairs in order and representation on the Board by holders of Preferred Shares is a necessary and important step in that process. PEI has significant near term debt maturities that must be addressed in order to protect the economic interests of shareholders. Specifically, progress must be made in meeting the debt covenants under the Fashion District Partnership Loan Agreement as well PEI's other credit agreements which have deadlines in
About Cygnus
Cygnus is an integrated real estate investment and alternative asset management company focused on opportunistic, special situation, and distressed real estate investments. Cygnus targets long term, absolute returns for investors by applying a differentiated approach to real estate investing. By placing an emphasis on the acquisition, workout, and disposition of real estate debt assets characterized by their complexity, inefficiency, and niche qualities, Cygnus is able to target superior, absolute returns for its investors.
Contact:
peishareholder@cygnuscapital.com
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