INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Filed by the Registrant x
Filed by a Party other than the Registrant o
Check the appropriate box:
| o Preliminary Proxy Statement |
o Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
|
| o Definitive Proxy Statement | ||
| x Definitive Additional Materials | ||
| o Soliciting Material under Rule 14a-12 | ||
Post Properties, Inc.
Payment of Filing Fee (Check the appropriate box):
| x | No fee required. |
| o | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
| (1) | Title of each class of securities to which transaction applies: |
| (2) | Aggregate number of securities to which transaction applies: |
| (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
| (4) | Proposed maximum aggregate value of transaction: |
| (5) | Total fee paid: |
| o | Fee paid previously with preliminary materials. |
| o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
| (1) | Amount Previously Paid: |
| (2) | Form, Schedule or Registration Statement No.: |
| (3) | Filing Party: |
| (4) | Date Filed: |
For Immediate Release
| Contact: |
Judith Wilkinson/Nina Covalesky Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449 |
PRESS RELEASE |
Post Properties Comments on Expensive Newspaper Advertisement
Paid For By John Williams
Says Management Does Not Wish To Fritter Away Shareholders’ Money
on Battle of Newspaper Ads
ATLANTA, May 9, 2003 – Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today commented on a full page newspaper advertisement taken by former CEO John Williams in today’s Wall Street Journal:
| “We do not want to fritter away our shareholders’ money by engaging in a battle of high-priced newspaper ads that could cost Post shareholders millions of dollars. John Williams appears to have no limits on what he is prepared to spend in what we see as his increasingly desperate effort to gain votes. | ||
| “Mr. Williams’ ad consists of recycled statements he has been making for more than a month, and a series of self-serving quotes from a letter he wrote to the Board of Directors at a time when he was secretly preparing to wage a proxy contest to re-take control of the Company. | ||
| “His rendition of what has occurred is anything but balanced. He has completely ignored the fact that the Board has publicly committed to review all strategic alternatives and, in this regard the Board will form a special committee at such time as it may be appropriate. He has again failed to acknowledge that his interests as a major unitholder and his unique tax considerations may be very different from the interests of holders of common stock in considering any strategic alternative. He has failed to mention that the corporate governance initiatives adopted last month by the Board have been widely praised. | ||
| “It also is becoming increasingly obvious that Mr. Williams is trying to distance himself as much as possible from his own proxy contest. He has now run his paid ad over the names of his $6,000,000 per year CEO designate and one of his nominees. The clear message to us is that Mr. Williams has discovered what we have known all along — Post Properties shareholders clearly do not want Mr. Williams back in control of the Company.” |
-more-
-2-
Certain statements made in this release and other written or oral statements made by or on behalf of the Company may constitute “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002 and may be discussed in subsequent filings with the SEC.
Nationwide, Post Properties owns approximately 30,080 apartment homes in 80 communities, including 1,256 units currently under development.
###