Strategic Realty Trust Responds to Thompson's Allegations
Company Sends Open Letter to Shareholders
(firmenpresse) - SAN MATEO, CA -- (Marketwired) -- 10/31/13 -- Strategic Realty Trust, Inc. today issued the following letter to its shareholders
Dear Shareholder:
Recently you may have received materials from Tony Thompson and his group seeking your support in his campaign to take control of your Company.
In August of this year, Mr. Thompson was dismissed as the chief executive officer of Strategic Realty Trust and his firm was terminated as external advisor and property manager when your board of directors became aware of a number of troubling facts, including the following:
The Financial Industry Regulatory Authority, FINRA, accused Mr. Thompson of securities fraud and other violations of the federal securities laws and FINRA's rules.
Mr. Thompson paid fees to himself before they were earned, causing our auditors to refuse to accept certifications signed only by Mr. Thompson. After our auditors discovered the wrongful payments, Mr. Thompson sought to have our auditors fired.
With his financial problems mounting, Mr. Thompson collected a significant fee of $775,000 by recommending and effecting an ill-advised investment in the Lahaina Gateway Center that led to violations of loan covenants, forcing us to cease dividend payments under the terms of our credit agreement and costing your company millions of dollars.
Thompson National Properties, TNP, the holding company through which Mr. Thompson conducts his business, is apparently insolvent, with a 2012 negative net worth of over $40 million based on FINRA's investigation.
Now, after he was terminated, he is looking to take control of your Company, in what your board sees as a blatant attempt to get his firm rehired as your Company's property manager and advisor to bail his firm out of its financial crisis at your expense.
Your board and management team urge you to protect your investment and disregard the material you have received from the Thompson group.
Mr. Thompson's materials contain numerous statements where he attempts to blame other members of your Board for problems he created or that we believe are just simply untrue. It is important you know the truth and that you ask yourself who you can trust to manage your investment. Here are a few of the facts you should consider before making a decision:
If shareholders have any questions or need assistance in voting their shares, they should contact Strategic Realty Trust's proxy solicitor, MacKenzie Partners, Inc., at 212-929-5500 or at 800-322-2885 Toll-Free.
Very truly yours,
Andrew Batinovich
President
Strategic Realty Trust, Inc.
This letter contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can be generally identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "strive," "continue" or other similar words. Readers of this letter should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this letter. Factors that could cause or contribute to such differences include, but are not limited to, (i) difficulties in obtaining Company records from the Company's former advisor, former property manager and former transfer agent, (ii) increased costs associated with waging a proxy fight should the Thompson group seek to remove or replace directors, and (iii) difficulties and delays with property dispositions. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this letter.
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Datum: 31.10.2013 - 23:32 Uhr
Sprache: Deutsch
News-ID 311643
Anzahl Zeichen: 0
contact information:
Town:
SAN MATEO, CA
Kategorie:
Commercial & Investment Banking
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