Petrus Advisers continue to defend the interests of minority shareholders

Petrus Advisers propose the real estate experts Karl Bier and Dr Martin Hagleitner as candidates for the elections to the Supervisory Board of CA Immobilien Anlagen AG (“CAI”) at the upcoming Annual General Meeting (“AGM”) on 9 May 2019. Both are independent candidates and bring highly relevant experience in the areas of real estate management, real estate development and construction, which will benefit CAI. We expect this will improve the currently dysfunctional governance situation at CAI since the acquisition of a 26% stake in CAI by Starwood Capital (“Starwood”).

Petrus Advisers expect Richard Gregson and Michael Stanton to follow John Nacos and step down from the Supervisory Board with immediate effect. They were all voted onto the Supervisory Board as representatives of the O1 Group, a former 26% CAI shareholder, reside in other geographic parts of the world and do not contribute any value to CAI. Since the acquisition of the 26% stake by Starwood last year there is no more justification for their role at CAI. The mere fact they are being flown in for meetings at great expense represents a pointless waste of shareholder money. In case both Messrs Gregson and Stanton choose not to step down themselves we will engage for them to be voted out at the AGM on 9 May 2019. 

The Supervisory Board has nominated Jeff Dishner, a partner of 26% owner Starwood, as independent shareholder representative for the Supervisory Board. Mr Dishner currently holds a CAI Supervisory Board seat via one of the four golden shares held by Starwood in conjunction with their 26% stake. A direct election at the AGM may enable Starwood to place up to five representatives on the Supervisory Board and consequently dominate the company. As defenders of the rights of all minority shareholders we are shocked about this nomination and demand that the company withdraw it. We have furthermore informed the Austrian Take-over Commission of these dubious circumstances and expect it to fend off any improper attempt to dominate one of the leading Austrian AGs without paying any take-over premium.