CUPERTINO, Calif., Dec. 30, 2015 /PRNewswire/ -- Carl E. Berg, who is the largest shareholder (17.4%) of Stratus Properties Inc. (STRS: Nasdaq), today announced that he has sent to the two Stratus directors appointed earlier this month a letter detailing his reasons for submitting the stockholder proposal that Mr. Berg recently submitted for inclusion in the Stratus proxy statement for its 2016 Annual Meeting of Stockholders and for submission to a stockholder vote at that meeting. 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.
Mr. Berg stated: "I wrote to the new directors, Mr. James E. Joseph and Mr. John G. Wenker, to make certain that as they assume their fiduciary duties as directors of Stratus they knew why I had submitted the shareholder proposal and understood the background for that proposal. I also wanted to make sure they understood how, at least from the way I see things, the Stratus Board and management have historically operated." I felt it was also important for these new directors to understand many of the other objections I have to the operations of the Stratus Board and its members that I was unable to include in the shareholder proposal I submitted to Stratus due to the legal limitation on the number of words that are permitted to be included in such proposals. It is my goal to make the Board aware of all of the activities of Stratus that I do not believe are in the best interest of the shareholders.
Mr. Berg also noted that, in his letter, he assured Messrs. Joseph and Wenker that he does not want to either buy or run Stratus, but wants only for all of Stratus' shareholders – including Mr. Berg – to have a better chance to realize the fair market value for the Stratus stock they own.
Mr. Berg has reported this action in an amendment to his Schedule 13D regarding his ownership of Stratus shares, which amendment he filed earlier today with the SEC. A copy of Mr. Berg's letter to the two Stratus directors is included as an exhibit to that amendment. That amendment is available on the SEC's website at http://www.sec.gov/Archives/edgar/data/885508/000119312515417356/0001193125-15-417356-index.htm (view EX 1 - Document)
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.
Carl E. Berg
10050 Bandley Drive
Cupertino, California 95014
SOURCE Carl E. Berg