{"id":755093,"date":"2023-05-04T12:58:06","date_gmt":"2023-05-04T16:58:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/blackwells-capital-issues-letter-to-shareholders-of-the-necessity-retail-reit-inc\/"},"modified":"2023-05-04T12:58:06","modified_gmt":"2023-05-04T16:58:06","slug":"blackwells-capital-issues-letter-to-shareholders-of-the-necessity-retail-reit-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blackwells-capital-issues-letter-to-shareholders-of-the-necessity-retail-reit-inc\/","title":{"rendered":"Blackwells Capital Issues Letter to Shareholders of The Necessity Retail REIT, Inc."},"content":{"rendered":"

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Blackwells Capital Issues Letter to Shareholders of The Necessity Retail REIT, Inc.<\/b><\/p>\n

New York Federal Court Denies RTL\u2019s Entrenched Efforts to Prevent Blackwells from Soliciting Proxies<\/i><\/p>\n

Current Board has Failed Shareholders by Presiding Over the Destruction of Value by AR Global, Abysmal Financial Results and Industry-Worst Corporate Governance<\/i><\/p>\n

Shareholders are Fully Able to Vote on Blackwells\u2019 WHITE<\/span><\/b> Universal Proxy Card<\/i><\/p>\n

Encourages Shareholders to Review Blackwells\u2019 <\/i>Presentation: The Case For Change – Global Net Lease, Inc. & The Necessity Retail REIT, Inc. \u2013 at <\/i>www.StopARGlobal.com<\/i><\/a><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nBlackwells Capital LLC (together with its affiliates, \u201cBlackwells\u201d), today issued a letter to fellow shareholders reminding them to vote on the WHITE<\/span><\/b> Universal Proxy Card to support the urgent need for boardroom change at The Necessity Retail REIT, Inc. (\u201cRTL\u201d) (NYSE: RTL).<\/p>\n

\nThe full letter to shareholders has been reproduced below:<\/p>\n

\nDear Fellow Shareholder:<\/p>\n

\nAt the upcoming annual meeting of shareholders on May 18, 2023, shareholders will have an opportunity to halt the ongoing destruction of value at The Necessity Retail REIT, Inc. (\u201cThe Necessity Retail REIT\u201d or \u201cRTL\u201d) by electing two highly qualified and independent director candidates, Jim Lozier and Richard O\u2019Toole (together, the \u201cBlackwells Nominees\u201d), by voting on the WHITE<\/span><\/b> Universal Proxy Card.<\/p>\n

\nBlackwells\u2019 WHITE<\/span><\/b> Universal Proxy Card has been cleared by the Securities and Exchange Commission (the \u201cSEC\u201d). Shareholders are fully able to vote on our WHITE<\/span><\/b> Universal Proxy Card. No court has ordered otherwise.<\/p>\n

\nYesterday, a federal judge in New York DENIED<\/span><\/b> a request by RTL to prevent Blackwells from soliciting proxies. The judge denied RTL\u2019s motion for a preliminary injunction in its entirety (shareholders can read the judge\u2019s full opinion online1<\/sup>). It is, in our view, alarming that, within hours of the judge\u2019s decision, RTL perpetuated its waste of shareholders\u2019 capital by filing an appeal. We question whether the board of directors of RTL (the \u201cRTL Board\u201d) even took the time to meet to discuss whether continuing this spurious litigation is in the best interests of shareholders. Blackwells will continue to fight back against all improper efforts by AR Global\u2019s CEO, Michael Weil, and his lieutenants to misuse the court system and corporate machinery as a means to silence the voices of RTL\u2019s shareholders.<\/p>\n

\nVoting \u201cFOR<\/b>\u201d all of the Blackwells Nominees on the WHITE<\/span><\/b> Universal Proxy Card will remind the RTL Board that using intimidation techniques\u2013including leveraging cost-prohibitive litigation\u2013will not prevent shareholders from exercising their fundamental right to nominate directors.<\/p>\n

\nWe believe the case for boardroom change is clear based on the following:<\/p>\n