Franklin Street Properties Corp. Appoints Bruce J. Schanzer to Board of Directors and Enters into Cooperation Agreement with Converium Capital Inc. and Erez Asset Management LLC
Franklin Street Properties (NYSE American: FSP) announced the appointment of Bruce J. Schanzer to its Board of Directors, effective November 27, 2024. Schanzer will also serve on the Audit Committee, bringing the total board size to eight directors, with seven being independent. The company has entered into a Cooperation Agreement with significant shareholders Converium Capital and Erez Asset Management, who will vote in favor of the Board's director nominees at the 2025 Annual Meeting. The agreement includes customary standstill and voting provisions.
Franklin Street Properties (NYSE American: FSP) ha annunciato la nomina di Bruce J. Schanzer nel suo Consiglio di Amministrazione, a partire dal 27 novembre 2024. Schanzer servirà anche nel Comitato di Revisione, portando a otto il numero totale dei membri del consiglio, di cui sette sono indipendenti. L'azienda ha stipulato un Accordo di Cooperazione con i principali azionisti Converium Capital ed Erez Asset Management, che voteranno a favore dei candidati del Consiglio nell'Assemblea Annuale del 2025. L'accordo include disposizioni consuete di standstill e di voto.
Franklin Street Properties (NYSE American: FSP) anunció el nombramiento de Bruce J. Schanzer a su Junta Directiva, con efecto desde el 27 de noviembre de 2024. Schanzer también formará parte del Comité de Auditoría, aumentando el tamaño total de la junta a ocho directores, de los cuales siete son independientes. La empresa ha celebrado un Acuerdo de Cooperación con los accionistas significativos Converium Capital y Erez Asset Management, quienes votarán a favor de los candidatos del Consejo en la Junta Anual de 2025. El acuerdo incluye disposiciones habituales de standstill y votación.
프랭클린 스트리트 프로퍼티즈 (NYSE 아메리칸: FSP)는 브루스 J. 샤인저를 이사회의 일원으로 임명했다고 발표하며, 이는 2024년 11월 27일부터 시행된다. 샤인저는 감사 위원회에서도 활동하여 이사회의 총 구성원이 8명으로 늘어나고, 그 중 7명은 독립 이사이다. 이 회사는 주요 주주인 Converium Capital 및 Erez Asset Management와 협력 계약을 체결했으며, 이들은 2025년 연례 총회에서 이사 후보에 찬성 투표를 할 것이라고 주장했다. 이 계약은 일반적인 정지 및 투표 조항을 포함한다.
Franklin Street Properties (NYSE American: FSP) a annoncé la nomination de Bruce J. Schanzer à son Conseil d'Administration, à compter du 27 novembre 2024. Schanzer fera également partie du Comité d'Audit, portant le nombre total de membres du conseil à huit, dont sept sont indépendants. La société a conclu un Accord de Coopération avec des actionnaires significatifs, Converium Capital et Erez Asset Management, qui voteront en faveur des candidats proposés par le Conseil lors de l'Assemblée Générale Annuelle de 2025. L'accord inclut des dispositions habituelles de maintien et de vote.
Franklin Street Properties (NYSE American: FSP) gab die Ernennung von Bruce J. Schanzer in seinen Vorstand bekannt, die am 27. November 2024 in Kraft tritt. Schanzer wird auch im Prüfungsausschuss tätig sein, wodurch die Gesamtzahl der Vorstandsmitglieder auf acht erhöht wird, von denen sieben unabhängig sind. Das Unternehmen hat eine Kooperationsvereinbarung mit bedeutenden Aktionären, Converium Capital und Erez Asset Management, getroffen, die bei der jährlichen Hauptversammlung 2025 für die Nominierten des Vorstands stimmen werden. Die Vereinbarung umfasst übliche Stillhalte- und Abstimmungsklauseln.
- Addition of experienced REIT and investment banking professional to the Board
- Increased board independence with 7 out of 8 directors being independent
- Secured cooperation agreement with major shareholders, reducing potential proxy conflicts
- None.
George J. Carter, Chairman and Chief Executive Officer, commented, “We welcome Bruce to the Board and appreciate the collaborative engagement we have had with Converium Capital and Erez Asset Management, both of which are significant FSP shareholders. Bruce has a long REIT and investment banking pedigree. This appointment is another step in refreshing our Board to ensure that we have diverse perspectives and skills to guide FSP’s future success for the benefit of all stakeholders.”
“We appreciate our constructive engagement with the FSP Board and its management team,” said Michael Rapps, Managing Partner, Converium Capital. “With the addition of Bruce, we believe that the Board is well positioned to help FSP maximize value for all stakeholders.”
In connection with these changes to the Board, the Company has entered into a Cooperation Agreement with Converium Capital and Erez Asset Management, pursuant to which Converium Capital and Erez Asset Management will vote their shares in favor of all of the Board’s director nominees at the 2025 Annual Meeting of Stockholders. Under the Cooperation Agreement, Converium Capital and Erez Asset Management have agreed to customary standstill, voting and other provisions. The full agreement among FSP, Converium Capital and Erez Asset Management will be filed on Form 8-K with the
About Bruce J. Schanzer
Mr. Schanzer is Chairman and Chief Investment Officer of Erez Asset Management, a fund manager focused on investment opportunities in small market cap REITs. Prior to forming Erez Asset Management in August 2022, Mr. Schanzer was President, Chief Executive Officer and a director of Cedar Realty Trust (NYSE: CDR), a real estate investment trust focused on the ownership, operation and redevelopment of shopping centers in the
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About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in
Forward Looking Statements
Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to the potential or intended benefits of FSP’s board structure and related contributions by its directors and FSP’s future success, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as
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For Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Source: Franklin Street Properties Corp.
FAQ
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