Grubb & Ellis Announces Final Voting Results for 2008 Annual Meeting of Stockholders
December 10 2008 - 1:46PM
PR Newswire (US)
Certified Results Confirm Re-Election of All Three Grubb &
Ellis Directors and Defeat of All of Dissident's Candidates and
Bylaw Proposals SANTA ANA, Calif., Dec. 10 /PRNewswire-FirstCall/
-- Grubb & Ellis Company (NYSE:GBE), a leading real estate
services and investment firm, today announced that IVS Associates,
Inc., the independent inspector of election, has certified the
voting results for the company's 2008 Annual Meeting of
Stockholders held on December 3, 2008. The final results are
identical to the preliminary numbers reported earlier today and
confirm that Grubb & Ellis stockholders voted to re-elect the
incumbent Board's three independent director nominees -- Harold H.
Greene, Devin I. Murphy and D. Fleet Wallace and ratified the
appointment of Ernst & Young, LLP as the company's independent
public accountants. The results also confirm that dissenting
stockholder Mr. Anthony Thompson's three candidates and his two
bylaw proposals were rejected. About Grubb & Ellis Grubb &
Ellis Company (NYSE:GBE) is one of the largest and most respected
commercial real estate services and investment companies. With more
than 130 owned and affiliate offices worldwide, Grubb & Ellis
offers property owners, corporate occupants and investors
comprehensive integrated real estate solutions, including
transaction, management, consulting and investment advisory
services supported by proprietary market research and extensive
local market expertise. Grubb & Ellis and its subsidiaries are
leading sponsors of real estate investment programs that provide
individuals and institutions the opportunity to invest in a broad
range of real estate investment vehicles, including tax-deferred
1031 tenant-in-common (TIC) exchanges; public non-traded real
estate investment trusts (REITs) and real estate investment funds.
As of September 30, 2008, more than $3.8 billion in investor equity
has been raised for these investment programs. The company and its
subsidiaries currently manage a growing portfolio of more than 225
million square feet of real estate. In 2007, Grubb & Ellis was
selected from among 15,000 vendors as Microsoft Corporation's
Vendor of the Year. For more information regarding Grubb &
Ellis Company, please visit http://www.grubb-ellis.com/.
Forward-Looking Statements Certain statements included in this
press release may constitute forward-looking statements regarding,
among other things, future revenue growth, market trends, new
business opportunities and investment programs, synergies resulting
from the merger of Grubb & Ellis Company and NNN Realty
Advisors, certain combined financial information regarding Grubb
& Ellis Company and NNN Realty Advisors, new hires, results of
operations, changes in expense levels and profitability and effects
on the Company of changes in the real estate markets. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results and performance
in future periods to be materially different from any future
results or performance suggested by these statements. Such factors
which could adversely affect the Company's ability to obtain these
results include, among other things: (i) the slowdown in the volume
and the decline in transaction values of sales and leasing
transactions; (ii) the general economic downturn and recessionary
pressures on businesses in general; (iii) a prolonged and
pronounced recession in real estate markets and values; (iv) the
unavailability of credit to finance real estate transactions in
general and the Company's tenant-in-common programs, in particular;
(v) the reduction in borrowing capacity under the Company's current
credit facility, and the additional limitations with respect
thereto; (vi) the Company's continuing ability to make interest and
principal payments with respect to its credit facility; (vii) an
increase in expenses related to new initiatives, investments in
people, technology and service improvements; (viii) the success of
current and new investment programs; (ix) the success of new
initiatives and investments; (x) the inability to attain expected
levels of revenue, performance, brand equity and expense synergies
resulting from the merger of Grubb & Ellis Company and NNN
Realty Advisors in general, and in the current macroeconomic and
credit environment, in particular and (xi) other factors described
in the Company's annual report on Form 10-K for the fiscal year
ending December 31, 2007 and in the Company's quarterly reports on
Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and
September 30, 2008 filed with the Securities and Exchange
Commission (the "SEC"). The Company does not undertake any
obligation to update forward-looking statements. DATASOURCE: Grubb
& Ellis Company CONTACT: Media, Janice McDill of Grubb &
Ellis Company, +1-312-698-6707, ; or Matthew Sherman, , or Andi
Salas, , both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449, for Grubb & Ellis Company; or Investors,
Laurie Connell, +1-212-378-7071, , or Amy Bilbija, +1-650-798-5206,
, both of MacKenzie Partners, Inc., for Grubb & Ellis Company
Web site: http://www.grubb-ellis.com/ Company News On-Call:
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