Blackwells Capital LLC (together with its affiliates, “Blackwells” or “we”) today announced that Glass, Lewis & Co LLC (“Glass Lewis”), a leading independent proxy advisory firm, has endorsed its case for boardroom change at Global Net Lease, Inc. (NYSE: GNL) (“GNL” or “the Company”) and The Necessity Retail REIT, Inc. (NYSE: RTL) (“RTL” or “the Company”).
In supporting Blackwells’ case for change, Glass Lewis has recommended that stockholders vote on the WHITE universal proxy card to elect both of its highly qualified and independent candidates – Jim Lozier and Richard O’Toole – to GNL and RTL’s Board of Directors (the “Boards”).
Glass Lewis’ recommendation follows Institutional Shareholder Services, Inc. (“ISS”) recommendation to withhold support from GNL and RTL’s incumbent director candidates. In its report, ISS highlighted that the unilateral bylaw amendment contrived by the directors of GNL and RTL to disenfranchise shareholders and deny them the opportunity to vote for Blackwells’ nominees was contrived and nothing more than an entrenchment tactic among highlighting other numerous governance deficiencies.
This years’ ISS report follows reports from the last two years where ISS has repeatedly refused to endorse the incumbent nominees at GNL and RTL.
Jason Aintabi, Founder and Chief Investment Officer of Blackwells, commented:
“We believe the time has come to say goodnight to the AR Global complex. With Glass Lewis and ISS now shining spotlights on the severe issues affecting investors at GNL and RTL, Blackwells again calls on Michael Weil and his putative puppet-master Nick Schorch to stop managing all forms of public assets. The years of abysmal results at each publicly listed entity under the millstone of AR Global, juxtaposed against the astronomical fees that AR Global continues to accumulate, is no longer tolerable. We will continue our fight to ensure that shareholders have a vote at this year’s annual meetings despite what we believe are continued attempts to hold phony elections.”
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