-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OmOCn8a3+sN8Vyb8+v6vTo2hKU7iPu/i18CLyfUCpFYl7NYonBxceJJ2o43RPSLL WkAPau7B+ioqFxInfEh0xA== 0000950172-99-000147.txt : 19990215 0000950172-99-000147.hdr.sgml : 19990215 ACCESSION NUMBER: 0000950172-99-000147 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLUM CREEK TIMBER CO L P CENTRAL INDEX KEY: 0000849213 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 911443693 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: SEC FILE NUMBER: 001-10239 FILM NUMBER: 99534607 BUSINESS ADDRESS: STREET 1: 999 THIRD AVE STREET 2: SUITE 2300 CITY: SEATTLE STATE: WA ZIP: 98104-4096 BUSINESS PHONE: 2064673600 MAIL ADDRESS: STREET 1: 999 THIRD AVENUE STREET 2: SUITE 2300 CITY: SEATTLE STATE: WA ZIP: 98104-4096 DEFA14A 1 SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant (X) Filed by a Party other than the Registrant ( ) Check the appropriate box: ( ) Preliminary Proxy Statement ( ) Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ( ) Definitive Proxy Statement (X) Definitive Additional Materials ( ) Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 PLUM CREEK TIMBER COMPANY, L.P. ___________________________________________________________________________ (Name of Registrant as Specified in Its Charter) ___________________________________________________________________________ (Name of Person(s) Filing Proxy Statement, if Other Than Registrant) Payment of filing fee (Check the appropriate box): (X) No fee required. ( ) Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ( ) Fee paid previously with preliminary materials: ( ) Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: (2) Form, schedule or registration statement no.: (3) Filing party: (4) Date Filed: February 12, 1999 Dear Fellow Unitholder: In connection with the proposed conversion of Plum Creek's structure from a publicly traded Master Limited Partnership (MLP) to a publicly traded Real Estate Investment Trust (REIT), you should have received the proxy statement/prospectus that was recently mailed. I urge you to read that document carefully. Your vote is very important. I would like to briefly remind you of the basic characteristics of the conversion transaction as well as the key benefits that will be realized by Unitholders from the transaction. Basic Characteristics o The conversion has been structured to be tax-free to Unitholders. o All Unitholders will receive one REIT share for each MLP Unit that is currently held. o Following the conversion, Plum Creek will continue to have the same management, assets, and focus on growth and value. o We will continue to conduct the same business we've engaged in as an MLP. Plum Creek is not getting into the real estate business - we will remain a focused forest products company. Key Benefits of the REIT Conversion o The REIT has a tax efficient structure similar to that of the MLP. The REIT will have substantially all of the advantages of single-layer taxation, and investors will continue to receive the flow-through benefit of capital gains. A significant portion of the dividend will continue for the next several years to be a non-taxable return of capital; and, importantly, the Schedule K-1's will be eliminated, as you will receive a Form 1099 in the future for tax reporting purposes. o The conversion will not cause a change to our current annual cash distribution of $2.28 per Unit. Moreover, our dividend philosophy, which is to provide stable and rising dividends over time, will not change. o We believe that the REIT is a superior structure for growth, as it will expand our access to equity and debt capital markets. The REIT will permit a broader base of investors by allowing institutions such as mutual funds to invest in Plum Creek, which should enhance investor value compared to remaining a MLP. o The REIT conversion will eliminate the General Partner incentive structure, resulting in the alignment of all shareholder interests and a significantly lower cost of capital. This latter fact will make future acquisitions more accretive to cash flow and more beneficial to investors than can occur under the MLP structure. The proxy statement/prospectus contains a complete description of the conversion transaction, including a presentation of the risks and benefits relating thereto. On behalf of the Board of Directors and management of Plum Creek, I urge you to vote "FOR" the conversion. If you have not already sent in your proxy, please sign and return the enclosed proxy card to our proxy solicitor, Georgeson & Company Inc., as soon as possible. Please note that if you do not vote, it will be treated the same as voting against the conversion; therefore, it is important that you send in your proxy. Thank you for your consideration of this proposal and your support of Plum Creek. Very truly yours, Rick R. Holley President and Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----