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| Prime Retail Announces Another Adjournment of Special Meeting of Stockholders Until November 18, 2003 |
BALTIMORE, Nov. 4 /PRNewswire-FirstCall/ -- Prime Retail, Inc. ("Prime
Retail" or the "Company") (OTC Bulletin Board: PMRE, PMREP, PMREO) announced
today that its special meeting of stockholders (the "Special Meeting") held on
Thursday, October 30, 2003, in Baltimore, Maryland, which had been adjourned
to November 4, 2003, has been adjourned again until Tuesday, November 18,
2003, 4:00 p.m., at 100 East Pratt Street, Baltimore, Maryland, to provide
stockholders with additional time to cast their vote on the proposal to sell
the Company. Before the last adjournment of the Special Meeting, the common
stockholders approved an amendment to the Company's charter to reduce the
required vote of the common stockholders to approve a merger from two-thirds
to a majority. The record date for the Special Meeting remains September 23,
2003.
Commenting on today's announcement, Prime Retail's Chief Executive Officer
and Chairman of the Board Glenn D. Reschke said, "I urge every shareholder,
regardless of the number of shares they own, to vote as soon as possible on
this important proposal." Mr. Reschke added that shareholders should contact
Prime Retail at (410) 234-1750 or (410) 234-8333 with any questions or
assistance in voting their shares.
The proposal to approve the sale of the Company to an affiliate of The
Lightstone Group, LLC by means of a merger (the "Merger") must be approved by
the affirmative vote of the holders of at least two-thirds of the outstanding
shares of our series A preferred stock and series B preferred stock, each
voting separately as a class, and a majority of the outstanding shares of our
common stock, voting separately as a class.
As of November 4, 2003, the percentage of outstanding shares which had
been voted by proxy or otherwise unvoted with respect to the proposal to sell
the Company was as follows:
For Against Abstain Unvoted
Series A Preferred Stock 63.49% 29.05% 0.26% 7.20%
Series B Preferred Stock 78.76% 0.97% 0.20% 20.07%
Common Stock 57.55% 10.45% 0.44% 31.56%
The foregoing percentages are subject to change because, among other
things, proxies may be revoked at, or before, the Special Meeting when
reconvened.
Prime Retail is a self-administered, self-managed real estate investment
trust engaged in the ownership, leasing, marketing and management of outlet
centers throughout the United States. Prime Retail currently owns and/or
manages 36 outlet centers totaling approximately 10.2 million square feet of
GLA. Prime Retail also owns 154,000 square feet of office space. Prime
Retail has been an owner, operator and a developer of outlet centers since
1988. For additional information, visit Prime Retail's website at
http://www.primeretail.com.
Some of the statements contained herein which are not statements of
historical facts are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect management's
current views with respect to future events and financial performance. The
words "believes," "expects," "anticipates," "estimates" and similar words or
expressions are generally intended to identify forward-looking statements.
Actual results may differ materially from those expected because of various
risks and uncertainties, including, but not limited to, changes in general
economic conditions, adverse changes in real estate markets as well as other
risks and uncertainties included from time to time in the Company's filings
with the Securities and Exchange Commission. Prime Retail accepts no
responsibility for updating forward-looking statements.
INVESTOR NOTICE
Prime Retail has filed with the SEC a proxy statement and other relevant
documents concerning the Merger. Investors of Prime Retail are urged to read
the proxy statement and any other relevant documents filed with the SEC
because they will contain important information. You will be able to obtain
the documents free of charge at the website maintained by the SEC at
http://www.sec.gov. In addition, you may obtain documents filed with the SEC by
Prime Retail free of charge by accessing the Company's website at
http://www.primeretail.com or by requesting such documents in writing from Prime
Retail, Inc., 100 East Pratt Street, 19th Floor, Baltimore, Maryland 21202 or
by telephone at (410) 234-0782.
Prime Retail, its directors and executive officers and certain of Prime
Retail's employees may be deemed to be participants in the solicitation of
proxies from the stockholders of Prime Retail in connection with the Merger.
These participants may have interests in the Merger, if consummated, including
interests resulting from holding equity interests in Prime Retail or its
operating partnership. Information about the interests of directors and
executive officers of Prime Retail and their ownership of securities of Prime
Retail is set forth in the proxy statement.
Investors should read the proxy statement carefully before making any
voting or investment decisions.
SOURCE Prime Retail, Inc.
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CONTACT:
Investors: Robert A. Brvenik, President and
Chief Financial Officer, +1-410-234-1750; or Media: Steven A.
Sless, Director - Public Relations, +1-410-234-8333, both of
Prime Retail
