Key Summary: On July 11, 2023, John R. Saunders (10%) criticized the Board of Trustees for not accepting resignations after a shareholder vote, calling for their replacement due to poor management, high compensation, and rising debt. On February 18, 2022, Cygnus Capital nominated Ryan J. Levenson and Christopher Swann as Preferred Stock Trustees. By March 25, 2022, Pennsylvania Real Estate Investment Trust agreed to include Christopher Swann and Kenneth Hart on the board, leading Cygnus to withdraw Levenson's nomination.Market Cap: $4 million | Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.
On July 11, 2023, John R. Saunders (10%) issued a press release and open letter to express disappointment in the Board of Trustees' response to a shareholder vote at the recent annual meeting. He criticized the Board for not accepting resignations following the vote and called for immediate resignation and replacement of Board members. Saunders also highlighted poor management, high compensation, and rising debt levels in the letter.
Past
On February 18, 2022, Cygnus Capital delivered a letter to the company nominating two director candidates, Ryan J. Levenson and Christopher Swann, for election to the Board as Preferred Stock Trustees at the company’s 2022 annual meeting of shareholders. Source
On February 28, 2022, Cygnus Capital issued an open letter to the shareholders seeking support for its nominees.
On March 25, 2022, Pennsylvania Real Estate Investment Trust entered into a letter agreement with Cygnus Capital pursuant to which the Trust agreed to include Christopher Swann and Kenneth Hart to the board as Preferred Trustees for election to the Board at the Trust’s upcoming 2022 annual meeting. Effective upon the filing of the Trust’s proxy materials in accordance with the letter agreement, Cygnus agreed to withdraw its previous nomination of Ryan J. Levenson to serve as one of the two additional Trustees.
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