Carl E. Berg Announces Actions Regarding Stratus Properties Inc.

22 Dec, 2015, 22:24 ET from Carl E. Berg

CUPERTINO, Calif., Dec. 22, 2015 /PRNewswire/ -- Carl E. Berg, who is the largest shareholder (17.4%) of Stratus Properties Inc. (Nasdaq: STRS), today announced that he has submitted to Stratus a shareholder proposal for inclusion in the Stratus proxy statement for the 2016 Annual Meeting of Stockholders and for submission to a stockholder vote at the 2016 Annual Meeting of Stockholders.  The proposal calls upon the Stratus Board of Directors to engage a nationally recognized investment banking firm to explore a prompt sale, merger or other business combination of Stratus so Stratus' stockholders may realize the true value of their Stratus shares.  A supporting statement accompanying the proposal discusses reasons underlying Mr. Berg's decision to submit the proposal to Stratus and seek a stockholder vote on the proposal.

Mr. Berg also announced that he has informed the Company that he intends to nominate two persons for election as directors of Stratus at the 2016 Annual Meeting of Stockholders.  None of Stratus' six current directors were nominated by Mr. Berg for election or appointment to the Stratus Board of Directors.  The Stratus board is staggered, and, as a result, Stratus' stockholders will only be electing two directors at the 2016 Annual Meeting.  Mr. Berg indicated that he expects William H. Armstrong III, the Chairman, President and Chief Executive Officer of Stratus, whose term as a director of Stratus expires at the 2016 Annual Meeting, to be one of Stratus' two nominees who will oppose Mr. Berg's nominees for election as directors at the 2016 Annual Meeting.

Mr. Berg has reported the actions announced today in an amendment to his Schedule 13D regarding his ownership of Stratus shares, which amendment he filed yesterday with the SEC.  That amendment is available on the SEC's website at: http://www.sec.gov/Archives/edgar/data/885508/000119312515409355/0001193125-15-409355-index.htm    Reference Seq. 2 under documents

Stratus is a real estate company engaged primarily in the development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties located in Texas, primarily in the Austin, Texas area. 

Mr. Berg is a real estate investor and venture capitalist and was the Chief Executive Officer of Mission West Properties, a real estate investment trust, from 1997 through December 22, 2012, when that company was sold to DivcoWest, a privately-owned real estate investment company.  He believes he has been Stratus' largest shareholder for almost the last 15 years.

For additional information please contact Carl E. Berg 408 725 0700

 

SOURCE Carl E. Berg