DFAN14A 1 may8-powerpointupdate.txt MAY 8, 2003 POWERPOINT UPDATE SCHEDULE 14A (RULE 14A-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant |_| Filed by a Party other than the Registrant |X| 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-12 POST PROPERTIES, INC. (Name Of Registrant As Specified In Its Charter) JOHN A. WILLIAMS ROY E. BARNES FRANCIS L. BRYANT, JR. PAUL J. DOLINOY THOMAS J.A. LAVIN GEORGE R. PUSKAR EDWARD LOWENTHAL CRAIG G. VOUGHT WILLIAM A. PARKER, JR. J.C. SHAW (Name Of Person(s) Filing Proxy Statement, If Other Than The 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: [The pages that follow are updates to a presentation filed by John A. Williams on April 23, 2003] ================================================================================ ACTION PLAN TO RESTORE VALUE AND INVESTOR CONFIDENCE ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 1. Elect a slate of independent, better qualified directors
Our Director Nominees Their Director Nominees* ------------------------------------------------------------------------------------------------------------------------------------ Yrs.of Yrs. of Nominee RE Exp. Prior Experience Nominee RE Exp. Prior Experience ------------------------------------------------------------------------------------------------------------------------------------ George R. 36 Chairman, Lend Lease Real Estate Robert C. 15 Chairman & CEO, Goddard Investment Puskar Chairman & CEO, Equitable Real Goddard Group Estate Investment Mgmt Chairman & CEO, NAI/Brannen Goddard Director Nominee, New Plan Excel Company Director, I-Star Financial NO PUBLIC COMPANY EXPERIENCE Director, CarrAmerica NO MULTIFAMILY EXPERIENCE Director, NRC, ICSC, NACREIF, ULI ------------------------------------------------------------------------------------------------------------------------------------ Roy E. 25 Immediate Past Governor of Georgia Herschel 9 Partner, King & Spalding Barnes Former Georgia State Representative M. Bloom Director of Russell Corp. Founder, Efficiency Lodge Hotel Company K&S IS COMPANY COUNSEL Founder, Cobb Savings and Loan Assoc. ------------------------------------------------------------------------------------------------------------------------------------ Francis L. 40 EVP Manufacturers Hanover Trust Company Ronald de 3 Chairman, We International b.v. Bryant, Jr. Officer-In-Charge of RE Division, Waal Director of Saks Inc, and The Body Shop Manufacturers Corporation LIVES IN BELGIUM RE Adv. Cmte., NY State Comm. Ret. NO MULTIFAMILY EXPERIENCE Fund (24 years) Founding Member, Wharton School RE Center Director, Pru. Realty Trust, RE Board of NY, ULI ------------------------------------------------------------------------------------------------------------------------------------ Paul J. 31 President, Lend Lease Real Estate Investments Russell R. 10 General Partner, Moseley & Co. Dolinoy SVP, Equitable Real Estate French VENTURE CAPITALIST Chairman, JP Morgan US Real Estate Fund NO MULTIFAMILY EXPERIENCE Director, NYSTRS Real Estate Advisory Cmte. FORMER PARTNER, K&S ------------------------------------------------------------------------------------------------------------------------------------ Thomas J.A. 30 Head of Mortgage Lending, MetLife David P. 8 EVP, Duke Realty Corp. Lavin Head of RE Debt Origination, Citicorp Stockert SVP & CFO, Weeks Corp. Securities FORMER INVESTMENT BANKER Head of Real Estate Investment Banking, Smith NO MULTIFAMILY EXPERIENCE Barney and First Boston ------------------------------------------------------------------------------------------------------------------------------------ * Information derived from Post Properties' 2003 Proxy Statement.
17 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 2. Appoint two qualified directors post election o Edward Lowenthal - Co-Founder and President, Wellsford Residential Property Trust - Co-Founder and President, Wellsford Real Properties - Trustee, Equity Residential Properties Trust - Key Accomplishments o Grew Wellsford Residential from 5,000 to 20,000 units in 5 years o Increased capitalization from $200 million to $1 billion o Merged Wellsford into Equity Residential in 1997 o Craig Vought - Former Co-CEO, Spieker Properties - Co-Founder and Managing Director, Broadreach Capital Partners - Trustee, Equity Office Properties Trust - Initiated and negotiated the $7.2 billion merger of Spieker Properties into Equity Office properties 18 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 3. REPLACE SENIOR MANAGEMENT o CHAIRMAN: GEORGE PUSKAR VS. ROBERT GODDARD o CEO: EDWARD LOWENTHAL VS. DAVID STOCKART Our Team Their Team* ------------------------- --------------------------- Puskar Lowenthal Total Goddard Stockert Total ------------------------- --------------------------- Years of Real Estate Exp. 36 20 56 15 8 23 Years of Multifamily Exp. 36 16 52 0 2 2 Years of Public CEO/Pres. Exp. 0 11 11 0 2 2 Other Public Company Directorships 4 5 9 0 0 0 o REVIEW OF SENIOR OFFICERS -------------------------------------------------------------------------------- WHICH TEAM IS BETTER EQUIPPED? -------------------------------------------------------------------------------- *Information derived from Post Properties' 2003 Proxy Statement. 20 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 4. Establish shareholder-friendly governance o Eliminate staggered board o Create a Special Committee of independant directors to objectively evaluate all strategic alternatives ----------- --- o Require shareholder approval for grant of options and restricted stock to CEO and any other directors o Prohibit the board from adopting a shareholder rights plan (poison pill) without receiving shareholder approval o Prohibit the board from opting into Georgia's anti-takeover statutes without prior shareholder approval o Modify the Company's certificate of incorporation to allow investors who meet certain criteria designed to preserve the Company's REIT status to accumulate larger stakes in post 5. Explore all alternatives to enhance shareholder value --- 20 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 6. Establish active Strategic Planning Committee o Will meet monthly until the Company's operating performance is acceptable o Proposed members include - George Puskar - Ed Lowenthal - John Williams o Over 100 years of combined multifamily experience 21 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 7. Re-Establish Post corporate culture and brand image o Highest and consistent level of training and on-site quality control o Promote from within o Uniform procedures o Commitment to customer satisfaction 8. Fix yield management problems o Rate o Occupancy o Expenses o Establish proper incentives 22 ================================================================================ ================================================================================ ACTION PLAN -------------------------------------------------------------------------------- 9. Establish improved criteria for asset sales and use of proceeds o Active Board oversight o Proper incentive fee arrangements with brokers o Repurchase stock on leverage neutral basis 10. Undertake appropriate G&A cuts ---------------------------------------------------------------------------- | | | Sign the GOLD CARD & | | Restore Value and Investor Confidence | | | | | ---------------------------------------------------------------------------- 23 ================================================================================