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Proxy advisers back election of Pure Multi-Family's current directors

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Proxy advisers back election of Pure Multi-Family's current directors

Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC recommended Pure Multi-Family REIT LP stockholders vote in favor of the company's seven incumbent directors and its proposed restricted unit plan.

The Canadian multifamily real estate investment trust's nominees include Fraser Berrill, Stephen Evans, Maurice Kagan, Robert King, John O'Neill, James Redekop and Sherry Tryssenaar.

Glass Lewis said in a release that it believes that the REIT's proposed amendments to its restricted unit plan will strongly align executive and shareholder interests. Institutional Shareholder Services called the proposal a "full-value award plan," adding that the total potential dilution and average burn rate under all equity-based incentive plans are "acceptable for a venture-listed issuer."

K2 Principal Fund LP, which owns 0.71% of the company's class A units, had nominated its own slate of seven directors for election at the May 24 annual and special unit holder meeting.

Pure Multi-Family recently announced that it is considering several strategic options as part of its ongoing review, including a potential sale of the company.