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Captec Receives Aid From Proxy Advisory Firm

ANN ARBOR, MI- Institutional Shareholder Services says shareholder dissent is unfounded and praises a proposed merger with Commercial Net Lease Realty Inc. as being the most financially sound idea for stockholders.

By Robert Carr | Updated on November 06, 2001

ANN ARBOR, MI-Institutional Shareholder Services, a proxy advisory firm, has recommended Captec stockholders vote in favor of the company’s proposed merger with Commercial Net Lease Realty Inc. at the company’s special meeting Nov. 19. In reaching its recommendation, Captec officials say ISS held separate meetings with both Captec management and the stockholder who opposes the merger, Phillip Goldstein, portfolio manager of Opportunity Partners L.P. of New York.

He owns more than 369,000 shares in the company. Goldstein alleges Captec’s CEOis giving out misinformation and is pocketing money on the deal.

According to Captec, the ISS said in a Nov. 2 report that it “believes that the board took the necessary steps in conducting a thorough and fair process to sell Captec, including its non-real estate assets. Furthermore, the CNLR merger appears to be a sound transaction for shareholders and maximizes shareholder value. The merger warrants shareholder support.”

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