Converium Capital and Erez Asset Management reaches agreement with Franklin Street Properties Corp (FSP)

Market Cap: $201 million | Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets.

• On November 5, 2024, Converium Capital and Erez Asset Management stated that they have engaged and plan to continue discussions with the Board and management about corporate governance, board composition, operations, capital allocation, and strategic plans, including asset dispositions. They have recommended appointing Mr. Schanzer, Chairman and Chief Investment Officer of Erez Asset Management, to the Board. Additionally, they intend to address various topics such as management, capital and corporate structure, and dividend or buyback policies, while potentially communicating with other shareholders and third parties on these matters. Source
• On November 27, 2024, the company announced that Bruce J. Schanzer will join the Board effective November 27, 2024. In addition, effective November 27, 2024, the Board will appoint Mr. Schanzer to serve as a member of the Audit Committee. In connection with these changes to the Board, the Company has entered into a Cooperation Agreement with Converium Capital and Erez Asset Management, pursuant to which Converium Capital and Erez Asset Management will vote their shares in favor of all of the Board’s director nominees at the 2025 Annual Meeting of Stockholders.