K2 Principal Fund LP decided to withdraw its director nominees for election to Pure Multi-Family REIT LP's board and instead support the Canadian multifamily real estate investment trust's seven incumbent directors.
The decision comes just days after proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC recommended that Pure Multi-Family stockholders vote for the seven directors, as well as the company's proposed restricted unit plan, at its May 24 annual and special unit holder meeting.
K2 Principal said it is withdrawing its director nominees to prevent any further costs to unit holders and to eliminate any possible distraction to Pure Multi-Family's process to explore strategic options.
