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POST PROPERTIES, INC.
(Name Of Registrant As Specified In Its Charter)
JOHN A. WILLIAMS
ROY E. BARNES
FRANCIS L. BRYANT, JR.
PAUL J. DOLINOY
THOMAS J.A. LAVIN
GEORGE R. PUSKAR
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For Immediate Release
Contacts:
MEDIA INVESTORS
Jeremy Fielding/Kimberly Kriger Larry Dennedy/Bob Marese
Kekst and Company MacKenzie Partners, Inc.
212-521-4800 212-929-5500
JOHN A. WILLIAMS COMMENTS ON POST PROPERTIES SUDDEN, 180-
DEGREE REVERSAL AND ADOPTION OF INDEPENDENT PLATFORM'S
CORPORATE GOVERNANCE INITIATIVES
ATLANTA, April 28, John A. Williams, founder, largest equity holder and director
of Post Properties, Inc. (NYSE:PPS) issued the following statement in response
to the company's announcement today that it hastily adopted some of the same
shareholder friendly corporate governance initiatives that Mr. Williams and the
slate of independent director nominees have previously proposed:
"Today's announcement further validates our platform and confirms exactly what
we have been saying. Clearly, our platform is gaining traction with
shareholders, as the incumbent Board and management have executed this
180-degree turn. They have suddenly adopted some initiatives that we announced
20 days ago and which were not even included in the company's revised proxy
materials filed just last week.
"The fact is that, at a recent special meeting of the Board of Directors in
January 2003 called specifically for that purpose, Post's management, acting
together with its lawyers and financial advisers, recommended proposals to opt
INTO Georgia's draconian anti-takeover statutes, and to approve additional
by-law amendments having serious anti-takeover implications. The Board only
agreed to table these proposals as a result of my strenuous objections to such
measures."
"Clearly, Post only made this total reversal following our pressure and demands
from shareholders. This Board has an unenviable track record of failing to put
shareholders first - such as when the company only belatedly disclosed: the bona
fide, fully-financed third party acquisition proposal at a significant premium
to its then-market price, and its refusal to explore the proposal; or the
announcement of Fox and Gray's termination, at least five days after the
executives were told they were 'being let go.'
George Puskar, a director nominee and the independent slate's proposed
nonexecutive Chairman, added, "The sudden adoption of these initiatives does not
remedy the serious lack of disclosure to shareholders on a number of
important issues that we highlighted this morning. It will also not result in
the company beginning to explore discussions with the potential buyer, or
appointing a Special Committee of independent directors to objectively evaluate
all strategic alternatives - other important proposals in our platform. Only as
shareholders are beginning to vote is the company starting to be more responsive
to shareholders' interests. But I believe they will not be able to change their
spots. We look forward to shareholders deciding who will take the lead and
aggressively work for their interests and enhance shareholder value."
Mr. Williams' proxy statement, which has been mailed to Post Properties
shareholders, and other filings and information related to his solicitation can
be found at www.postshareholders.com. You may also obtain a free copy of Mr.
Williams' proxy statement and other relevant documents by calling MacKenzie
Partners, Inc. toll-free at (800) 322-2885 or (212) 929-5500 or by email at
proxy@mackenziepartners.com.
###
The director nominees proposed by Mr. Williams are:
o Roy E. Barnes, immediate past Governor of Georgia, founder and director of
several Georgia banks and a practicing attorney;
o Francis L. Bryant, Jr., former Executive Vice President of the real estate
division of Manufacturers Hanover Trust Company;
o Paul J. Dolinoy, former President of Lend Lease Real Estate Investments,
Inc.;
o Thomas J.A. Lavin, an independent real estate adviser and former head of
real estate investment banking at both Smith Barney and First Boston;
o George R. Puskar, former Chairman and Chief Executive Officer of Equitable
Real Estate Investment Management