Seeking Alpha

CommonWealth owners vote to throw out board

  • Shareholders representing 81% of CommonWealth REIT (CWH) stock have voted to remove the company's board, according to Corvex and Related - the dissident investors leading the consent solicitation.
  • The company, say the two, has five business days to have the consents inspected and results officially declared.
  • Keith Meister and Jeff Blau: "The shareholders have exercised their rights and we look forward to working with the trustees in the coming days to arrange for an orderly transition process that best protects the interests of all shareholders."
  • Shares gained 4.9% to $28.12 - a multi-year high - in after-hours trade last night.
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Comments (9)
  • Chris DeMuth Jr.
    , contributor
    Comments (5570) | Send Message
     
    So far so good. This is one of our largest positions, via both common and preferred shares --

     

    http://seekingalpha.co...

     

    http://seekingalpha.co...
    19 Mar 2014, 07:21 AM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (553) | Send Message
     
    C&R have tough work ahead. Do you "sell the news" today?
    19 Mar 2014, 07:43 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (5570) | Send Message
     
    Good question. Hopefully the ex-board/ex-management will show some class and vacate the premises. C&R do indeed have tough work ahead, but I'm happy to hang in there with them for the long-term.
    19 Mar 2014, 08:01 AM Reply Like
  • Captain Pike
    , contributor
    Comments (786) | Send Message
     
    the better question is why would anyone own this in the first place?
    19 Mar 2014, 02:00 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (5570) | Send Message
     
    I, for one, own millions of dollars of this company and bought them because I was able to purchase shares at a significant discount to book value with a reasonable plan to close that discount.
    19 Mar 2014, 02:31 PM Reply Like
  • Captain Pike
    , contributor
    Comments (786) | Send Message
     
    I was lucky when I knew less than I know now about Reits and owned for a brief time. If I remember correctly I was getting some ROC in the divvy, the properties were less than stellar IMO, and they were about to do some funky spinoff.

     

    Many better ones out there, perhaps that had a little to do with the shake-up? It certainly looks inexplicably over priced at this moment in time.
    19 Mar 2014, 03:18 PM Reply Like
  • lasalle1311
    , contributor
    Comments (4) | Send Message
     
    I wish C&R would take a close look at Hospitality Props and eliminate the same incompetent management
    19 Mar 2014, 12:12 PM Reply Like
  • Rcsam
    , contributor
    Comments (243) | Send Message
     
    All the subs owned by CWH will now remove them from BOD--that includes SIR and GOV. This is a huge victory.
    19 Mar 2014, 12:45 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (5570) | Send Message
     
    How?
    19 Mar 2014, 02:53 PM Reply Like
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