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INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
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|_| Preliminary Proxy Statement |_| Confidential, for Use of the
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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
EDWARD LOWENTHAL
CRAIG G. VOUGHT
WILLIAM A. PARKER, JR.
J.C. SHAW
(Name Of Person(s) Filing Proxy Statement, If Other Than The Registrant)
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INDEPENDENT BOARD NOMINEES COMMENT ON NEW LAWSUIT FILED BY SHAREHOLDER
AGAINST INCUMBENT DIRECTORS OF POST
ATLANTA, May 16, 2003 -- John A. Williams, George R. Puskar, independent
director nominee and proposed non-executive Chairman, and Edward Lowenthal,
President and Chief Executive Officer designate of Post Properties, Inc. (NYSE:
PPS), today issued the following statement regarding a new shareholder
derivative and class action lawsuit filed on May 12, 2003 against the company's
incumbent directors--with the exception of Arthur Blank and John Williams.
The lawsuit charges the incumbent directors with breaching their fiduciary
duties to Post shareholders and other violations of law:
"Many shareholders that we have spoken with, as well as some of the independent
analysts who have commented on this proxy contest, have echoed one of the main
themes expressed in this complaint - that the incumbent board made a poor
decision when it turned its back on the fully funded cash offer from General
Investment & Development (GID), and refused even to discuss with GID whether a
higher price could be obtained.
"We believe the best way Post shareholders can express their dissatisfaction
with the incumbent board's decision is to vote the GOLD proxy card for our slate
of independent directors. Our nominees are committed to immediately setting up a
special committee of independent directors to actively pursue a possible sale of
the Company and to consider all other ways to maximize shareholder value.
"Post shareholders need and deserve a board of directors they can trust to carry
out this program. To elect such a board, vote the GOLD proxy card today. There
are only six days left until the Annual Meeting. If you have already mailed your
white proxy card and want to change your vote, you have every legal right to do
so. Just sign, date and mail the GOLD proxy card NOW."
Shareholders who have any questions, require assistance in voting their GOLD
proxy card, or need additional copies of John Williams' proxy materials, may
contact MacKenzie Partners, Inc. toll-free at (800) 322-2885 or (212) 929-5500
or by email at PROXY@MACKENZIEPARTNERS.COM.
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The Williams proxy statement, which has been mailed to Post Properties
shareholders, and other filings and information related to this solicitation can
be also found at WWW.POSTSHAREHOLDERS.COM.
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Contacts:
Media Investors
Jeremy Fielding/Kimberly Kriger Larry Dennedy/Bob Marese
Kekst and Company MacKenzie Partners, Inc.
212-521-4800 212-929-5500