SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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Post Properties, Inc.
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(Name of Registrant as Specified In Its Charter)
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[LOGO]
Contact: David P. Stockert PRESS RELEASE
Post Properties, Inc.
(404) 846-5000
POST PROPERTIES TO AGGRESSIVELY OPPOSE PROXY CONTEST THREATENED BY FORMER CEO
ATLANTA, April 7, 2003 - Post Properties, Inc. (NYSE: PPS), an Atlanta-based
real estate investment trust, announced today that John A.Williams, the former
chief executive officer and chairman of Post, plans to commence a proxy contest
to elect a slate of nominees to the Board of Directors in opposition to the
nominees proposed by the current Board.
Robert C. Goddard III, Chairman of the Board of Post Properties, stated "We
intend to oppose Mr. Williams' nominees aggressively and to re-elect the current
Board. We believe that the best interests of our shareholders can best be
realized by the re-election of the current Board and by allowing management the
opportunity to move forward with our business plan."
The Company also announced that the lawsuit previously filed by Mr. Williams
against the Company and the Board of Directors has been dismissed without
prejudice. Mr. Goddard noted, "We are not surprised that Mr. Williams has
dismissed this frivolous lawsuit."
The Company and certain other persons may be deemed participants in the
solicitation of proxies from shareholders in connection with the Company's 2003
Annual Meeting of Shareholders. Information concerning such participants is
available in the Company's Proxy Statement filed with the Securities and
Exchange Commission on April 4, 2003. Shareholders are advised to read the
Company's Proxy Statement and other relevant documents when they become
available, because they will contain important information. Shareholders may
obtain, free of charge, copies of the Company's Proxy Statement and any other
documents filed by the Company with the SEC in connection with the 2003 Annual
Meeting of Shareholders at the SEC's website at (http://www.sec.gov/) or by
contacting the Company at the number listed above.
Certain statements made in this press 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.
Post Properties, Inc., a leading developer and operator of upscale apartment
communities in the United States, pioneered building and branding resort-style
garden apartments for more than 30 years. Post now also focuses on the creation
of high-quality, high-density, live-work-walk neighborhoods in infill locations
in major urban markets. The Company has been recognized locally, nationally and
internationally for building better neighborhoods and the preservation of
historic buildings. Operating as a self-administered and self-managed equity
real estate investment trust (REIT), the Company's primary business consists of
developing and managing Post(R) brand-name apartment communities.
Nationwide, Post Properties owns approximately 30,078 apartment homes in 80
communities, including 1,377 units currently under development.
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