Tag: ISS

Glass Lewis Joins ISS in Recommending Ashford Hospitality Trust Shareholders Vote “FOR” Both Proposals

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DALLAS, Sept. 30, 2020 /PRNewswire via COMTEX/ —
DALLAS, Sept. 30, 2020 /PRNewswire/ — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today announced that Glass Lewis & Co. (“Glass Lewis”), a leading independent proxy advisory firm, has recommended that Ashford Trust shareholders vote “FOR” both proposals at the October 6th Special Meeting.  Glass Lewis’ recommendation follows Institutional Shareholder Services’ (“ISS”) recommendation earlier this week that shareholders also vote “FOR” both proposals.

As Glass Lewis stated in its independent report: “…we ultimately consider it reasonable that the Trust has elected to pursue an alternative which stands to reduce cash burdens, eliminate a major liquidation preference, simplify the capital structure and prospectively enhance pro forma market access.  While certainly not unfettered by steep dilution to common shareholders, these benefits may be expected to contribute favorably

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ISS Recommends Ashford Trust Shareholders Vote “FOR” Both Proposals at Special Meeting

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DALLAS, Sept. 28, 2020 /PRNewswire/ — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today commented on a report by Institutional Shareholder Services Inc. (“ISS”), the leading independent proxy advisory firm, recommending that Ashford Trust shareholders vote “FOR” both proposals at the October 6th Special Meeting.  The approval of both proposals is necessary to complete the Company’s proposed offers to exchange any and all shares of its preferred stock (the “Exchange Offers”).

In its September 25, 2020 recommendation to shareholders, ISS pointed to the risk created by COVID-19 and the benefit of the proposals enabling the completion of the Exchange Offers:

  • “The pandemic has had an outsized negative impact on the hotel industry”
  • “…there is no way to tell with a meaningful degree of certainty when the industry will reach the point at which the company could again become viable without intervention (in
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