Post Founder Launches Proxy Fight

John Williams, the founder and largest equity shareholder of Atlanta-based Post Properties Inc., has mailed proxy materials and is urging shareholders to vote for his favored nominees to be independent directors on the Post board.He is also alleging a lapse in corporate governance at the real estate investment trust. In turn, Post Properties has reported some "major corporate governance initiatives" at the multifamily REIT. Mr. Williams has expressed concern about Post's "continued lack of disclosure in providing shareholders with important explanations and pertinent information." According to him, Post received an all-cash $26 per share offer for the company on March 14 -- representing a premium of over 13% -- from a "reputable real estate investment firm," but the Post board refused to explore it. Mr. Williams also accuses the Post board of not providing adequate information on severance packages paid to chief financial officer Greg Fox and executive vice president Doug Gray. Meanwhile, Post Properties has announced that it will not adopt any shareholder rights plan, or "poison pill" strategy, without the approval of shareholders unless the plan has a short sunset provision. Post can be found online at http://www.postproperties.com.