Blackwells Welcomes Monmouth’s Announced Strategic Review of Alternatives
NEW YORK, Jan. 15, 2021 (GLOBE NEWSWIRE) — Blackwells Capital LLC (together with its affiliates “Blackwells”), an alternative investment management firm that owns approximately 4% of the outstanding shares of common stock of Monmouth Real Estate Investment Corporation (NYSE: MNR) (“Monmouth” or the “Company”), today announced its support for the strategic alternatives process announced by Monmouth, while demanding the Board of Directors (the “Board”) create a Special Committee of independent directors, unaffiliated with the Landy family.
Jason Aintabi, Chief Investment Officer of Blackwells, said, “We made our $18 per share offer for Monmouth, noting that Monmouth was not suited to being a public company – investors have grown weary of the Landy family’s control and poor capital allocation, and the lack of liquidity in the stock which has further dampened investor interest. We are pleased that the Board has taken our direction, and is now running a strategic alternatives process. If that process is conducted in earnest, we expect it will lead to a sale of the Company.”