Equity Commonwealth (NYSE: EQC) has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) for a special shareholder meeting. The purpose of the meeting is to consider and vote upon the plan of sale and dissolution of the company, including the wind-down and complete liquidation of the company, as well as the establishment of a liquidating entity. Additionally, shareholders will vote on the compensation that may become payable to named executive officers in connection with the plan of sale.
The company's board of trustees has determined that the plan of sale is in the best interests of the company and its shareholders. Upon receiving clearance from the SEC, the company will file a definitive proxy statement containing details of the special shareholder meeting, including the record date, meeting date, and how shareholders can participate and vote at the meeting.
Equity Commonwealth is a Chicago-based real estate investment trust (REIT) with a portfolio of four commercial office properties totaling 1.5 million square feet. The plan of sale authorizes the company to sell all of its remaining properties, wind down its affairs, and distribute the net proceeds to shareholders.
Investors and stakeholders are encouraged to monitor the company's distribution channels for material disclosures, including press releases, SEC filings, public conference calls, and the company's website.
As a finance journalist, it's important to note that specific financial metrics, such as the net proceeds from the sale of properties and the compensation payable to named executive officers, have not been disclosed in the preliminary proxy statement. These details are likely to be included in the definitive proxy statement once it is filed and sent to shareholders. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $20.38. Check out the company's full 8-K submission here.
