CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today filed supplemental
proxy materials relating to the special meeting of stockholders to be
held at 4:00 p.m. EDT on September 21, 2009. The special meeting has
been called to vote on the proposed amendment to CBL's Amended and
Restated Certificates of Incorporation to increase the number of
authorized shares of the Company's Common Stock, par value $.01 per
share. The Company is revising the proposed amendment to CBL's Amended
and Restated Certificate of Incorporation to reduce the requested number
of shares of common stock from one billion to 350,000,000.
Shareholders of record as of August 10, 2009, will be mailed the
supplemental proxy materials and a new proxy card beginning on our about
September 9, 2009. ANY PROXY OR VOTE PREVIOUSLY SUBMITTED IS NO
LONGER VALID. YOU MUST SIGN AND RETURN A NEW PROXY CARD FOR YOUR
VOTE TO BE COUNTED AT THE SEPTEMBER 21, 2009 MEETING.
"The Company's Board of Directors believes that it is important for the
Company to maintain financial flexibility and unanimously supports this
increase in authorized common stock," said Charles B. Lebovitz, chairman
and chief executive officer of CBL & Associates Properties, Inc. "We
appreciate hearing from our shareholders regarding the proposed increase
and have carefully considered the feedback we have received. As a
result, the Board has approved a reduction in the amount of increase we
are requesting to 350,000,000 from one billion."
In connection with CBL's recent Common Stock offering in June 2009, the
Company entered into an Underwriting Agreement with the underwriters
named therein, for whom Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Wells Fargo Securities, LLC (f/k/a Wachovia Capital
Markets, LLC) acted as representatives, pursuant to which the Company
agreed, among other things to use its best effort to increase the total
number of authorized shares of Common Stock to one billion shares as
soon as practicable. The Company has received feedback from a number of
major shareholders indicating that they would be more comfortable
supporting the proposed amendment at a reduced amount. Therefore, the
Company's Board of Directors has determined to reduce the requested
number of common shares to 350,000,000. The underwriters have accepted
the reduction in the requested increase.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 161 properties, including 89 regional malls/open-air centers.
The properties are located in 27 states and total 86.8 million square
feet including 2.7 million square feet of non-owned shopping centers
managed for third parties. CBL currently has four projects under
construction totaling 2.3 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The
Promenade in D'Iberville (Biloxi/Gulfport), MS; and one community
center. Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional
information can be found at http://cblproperties.com/.
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements. The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Katie Reinsmidt
Vice President - Corporate Communications and Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com