Wheeler REIT urges shareholders to reject Stilwell nominees for board

• Wheeler REIT (NASDAQ:WHLR) issues an open letter urging shareholders to vote for its slate of director nominees and to reject the three nominees put forth by Stilwell Group, a holder of 9.4% of WHLR's common stock.
• Wheeler President and CEO David Kelly writes that if Stilwell's nominees are elected, the group will make up almost 40% of the board, giving it three times more representation than any other shareholder. The point is made four times in the letter.
• The letter also includes an excerpt from Stilwell Group's 13D/A filing from Sept. 5, 2018 that shows the SEC alleged that Joseph Stilwell failed to disclose conflicts of interests presented by inter-fund loans. Under a civil administrative SEC order, he was suspended for a year from  association with any investment adviser, broker, dealer, or certain regulated organizations.
• The REIT's annual stockholder meeting is set for Oct. 3, 2018. Stockholders of record at close of Aug. 23, 2018, are entitled to vote at the meeting.
• Previously: Wheeler REIT activist investor urges to replace three directors (Sept. 5)