Commonwealth boosted as dissidents present plan

"The Case For Change Now" is the title of a new Corvex and Related presentation urging the removal of the entire CommonWealth REIT (CWH +3%) board. The dissident investors see NAV of about $35 after the board exits and a stock price of about $40 by the end of 2015.

"We believe there would be substantial 'low-hanging fruit' easily within the grasp of a properly incentivized management team," they say, and promise measurable progress quickly, but ask for 24-36 months for NOI to reach stabilization.

"While dramatically different from CWH’s existing plan, these reforms are in our view self-evident to every informed investor and will make CWH look like virtually every other member of the S&P 500."

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