Bow Street LLC, together with its affiliates (collectively, “Bow Street”), has filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission to be used to solicit proxies for the election of its slate of director nominees at the 2020 annual meeting of stockholders of Mack-Cali Realty Corporation, a Maryland corporation.
Item 1: On May 19, 2020, Bow Street issued the following press release and posted it towww.bowstreetllc.com/mack-cali2020:
BOW STREET RELEASES INVESTOR PRESENTATION HIGHLIGHTING
NEED FOR CHANGE AT MACK-CALI
Details how Mack-Cali’s Failed Strategy and Worst-in-Class Corporate Governance have Resulted in Years
of Bottom Quartile Shareholder Returns
Bow Street’s Plan Focuses on Changing the Culture of Mack-Cali’s Board by Adding
Independence and Accountability
Bow Street’s Highly Qualified, Independent Nominees Bring Ideal Mix of Real Estate, Financial,
Operational and Corporate Governance Experience Required in Boardroom to
Protect Shareholders’ Interests
Urges Mack-Cali Shareholders to Vote theGOLD Proxy Card “FOR ALL” of Bow Street’s Nominees
NEW YORK – May 19, 2020 – Bow Street LLC (“Bow Street”) today released an in-depth presentation to Mack-Cali Realty Corporation (“Mack-Cali” or the “Company”) (NYSE: CLI) shareholders detailing the need to change the Mack-Cali Board of Directors (the “Board”) by adding independence and restoring a culture of oversight, accountability and value creation. Mack-Cali shareholders are encouraged to review the facts set forth in Bow Street’s presentation so they can make an informed decision at the Company’s 2020 Annual Meeting regarding the future of Mack-Cali and their investment.
The presentation can be found at:http://www.bowstreetllc.com/mack-cali2020/.
Akiva Katz and Howard Shainker, Managing Partners of Bow Street, said, “The legacy directors and management have left Mack-Cali in a precarious position – with a leveraged balance sheet, weak occupancy trends, and lacking a coherent strategy. If Mr. DeMarco and the legacy Board could not create shareholder value during a time of broad economic prosperity, we are deeply concerned about their ability to protect and maintain the value of shareholders’ investment during a prospective downturn.
“Now, more than ever before, it is imperative that the Company be armed with competent leadership overseen by independent fiduciaries who can restore trust with all Mack-Cali stakeholders. It is time to usher in a new era at Mack-Cali. Bow Street’s highly capable, independent nominees have the relevant experience and fresh perspectives required to change the culture of the Boardroom and create meaningful value for the Company and its shareholders.”
Key highlights of the presentation include:
| • | | The need for Mack-Cali to overhaul its Board and end its perpetual cycle of poor performance and broken governance; |
| • | | Mack-Cali’s operational underperformance and execution issues – debt has increased, cash flow has decreased, and the Company is trading at the widest discount to NAV in its history – owing to the continued pursuit of a failing strategy overseen by CEO Michael DeMarco; |
| • | | Mack-Cali’s legacy of poor corporate governance overseen by entrenched, long-tenured directors loyal to management and who advance their own interests at shareholders’ expense; |
| • | | The credibility and accountability gap that exists between Mack-Cali and all of its stakeholders; |