Catellus Amends Policy On Stockholder Rights Plans
April 21 2004 - 6:06PM
PR Newswire (US)
Catellus Amends Policy On Stockholder Rights Plans SAN FRANCISCO,
April 21 /PRNewswire-FirstCall/ -- Catellus Development Corporation
today announced that its Board of Directors adopted an amended
policy regarding stockholder rights plans. Catellus does not
presently have a stockholder rights plan, commonly referred to as a
poison pill. Under the amended policy, Catellus' Board will not
adopt a stockholder rights plan unless the plan is submitted to a
binding stockholder vote, either before or after the adoption. In
addition, under the amended policy, if the Board adopts a
stockholder rights plan prior to a stockholder vote, or materially
amends or repeals the policy itself, the Board must submit the
plan, or the amendment or repeal of the policy, to a binding
stockholder vote at the earlier of the next special or annual
meeting of stockholders. Prior to the amendment to the policy, the
stockholder vote required by the policy was a non-binding vote.
"The amended stockholder rights plan policy demonstrates our
Board's continued adherence to high standards of corporate
governance," commented Nelson C. Rising, chairman and CEO of
Catellus. Catellus Development Corporation is a publicly traded
real estate development company that began operating as a real
estate investment trust effective January 1, 2004. The company owns
and operates approximately 38.2 million square feet of
predominately industrial property in many of the country's major
distribution centers and transportation corridors. Catellus'
principal objective is sustainable, long-term growth in earnings,
which it seeks to achieve by applying its strategic resources: a
lower-risk / higher-return rental portfolio, a focus on expanding
that portfolio through development, and the deployment of its
proven land development skills to select opportunities where it can
generate profits to recycle back into its business. More
information on the company is available at http://www.catellus.com/
Except for historical matters, the matters discussed in this
release are forward-looking statements that involve risks and
uncertainties. Forward-looking statements include, but are not
limited to, statements about plans, opportunities, and development.
We caution you not to place undue reliance on these forward-looking
statements, which reflect our current beliefs and are based on
information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to
reflect future events or changes in circumstances, except as may be
required by law. These forward-looking statements are subject to
risks and uncertainties that could cause our actual results,
performance, or achievements to differ materially from those
expressed in or implied by these statements. In particular, among
the factors that could cause actual results to differ materially
are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession;
product and geographical concentration; industry competition;
availability of financing and changes in interest rates and capital
markets; changes in insurance markets; discretionary government
decisions affecting the use of land, and delays resulting
therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause
damage to assets; changes in income taxes or tax laws; liability
for environmental remediation and changes in environmental laws and
regulations; failure or inability of third parties to fulfill their
commitments or to perform their obligations under agreements;
failure of parties to reach agreement on definitive terms or to
close transactions; increases in the cost of land and construction
materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks
related to the financial strength of joint venture projects and
co-owners; changes in policies and practices of organized labor
groups; shortages or increased costs of electrical power; other
risks inherent in the real estate business; and acts of war, other
geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including
more detailed risk factors, you should refer to Catellus
Development Corporation's annual report on Form 10-K for the fiscal
year ended December 31, 2003. Contacts: Margan Mitchell Minnie
Wright Corporate Communications Investor Relations 415-974-4616
415-974-4649 DATASOURCE: Catellus Development Corporation CONTACT:
Margan Mitchell, Corporate Communications, +1-415-974-4616, or
Minnie Wright, Investor Relations, +1-415-974-4649, both of
Catellus Development Corporation Web site: http://www.catellus.com/
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