TFOC 8-K
Published on May 18, 2007
Tanger
Factory Outlet Centers, Inc.
News
Release
For
Release: IMMEDIATE
RELEASE
Contact:
Frank
C. Marchisello, Jr.
(336)
834-6834
Tanger
Announces Results of Proxy Proposals and Elects Directors and Officers
Greensboro,
NC, May 18, 2007, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced
the
results of its Annual Meeting of Shareholders held on Friday, May 18,
2007.
The
following proposals submitted at the meeting were approved:
| · |
the
election of the directors to serve for the ensuing
year;
|
| · |
the
ratification of the appointment of PricewaterhouseCoopers LLP as
the
Company’s independent registered public accounting firm for the fiscal
year ending December 31, 2007;
|
| · |
the
amendment to the Company’s articles of incorporation to increase the
number of common shares authorized for issuance from 50 million common
shares to 150 million common shares.
|
The
Annual Meeting was adjourned until May 25, 2007 at 10:00 a.m. in order to
continue the consideration of Proposal #4 to amend the Company’s articles of
incorporation, which in effect would create four new classes of preferred
shares, each class having four million shares with a par value of $.01 per
share. The reconvened meeting will be held on May 25, 2007 at 10:00 a.m. at
the
company’s offices, 3200 Northline Avenue, Suite 360, Greensboro, NC.
With
respect to Proposal #4, management believes it will provide the Company with
greater flexibility in connection with future transactions such as acquisitions
or corporate capital raising purposes. The Company intends to use the additional
classes of preferred shares for capital formation purposes rather than
anti-takeover purposes so that any class of the newly authorized shares will
not
have voting power that exceeds the shares' economic interest in the Company
in
violation of New York Stock Exchange rule 313 for listed companies, and expects
such issuances will be consistent with past issuances by the Company of
preferred shares. Institutional Shareholder Services (ISS) has recommended
that
the Company's shareholders vote FOR this proposal.
Shareholders
as of the close of business on March 29, 2007 are entitled to vote by proxy,
or
in person at the meeting. Questions regarding the voting of shares may be
directed towards the Company's proxy solicitor, Georgeson Inc. at (212)
440-9800.
Shareholders
are advised to read the definitive proxy materials delivered in connection
with
the solicitation of proxies from shareholders of the Company. Copies of the
proxy materials filed by the Company with the Securities and Exchange Commission
may be obtained, free of charge, from the SEC's Web site, www.sec.gov, or the
Company's Web site, www.tangeroutlet.com. These proxy materials may also be
obtained free of charge by contacting the Company's proxy solicitor at the
number provided above.
Election
of Directors
The
shareholders of Tanger Factory Outlet Centers, Inc. at its Annual Shareholders
Meeting on May 18, 2007, elected the following directors to serve for the
ensuing year:
Stanley
K. Tanger Chairman
of the Board and Chief Executive Officer
Steven
B.
Tanger Director,
President and Chief Operating Officer
Jack
Africk Independent
Director - Lead Director
William
G. Benton Independent
Director
Thomas
E.
Robinson Independent
Director
Allan
L.
Schuman Independent
Director
Election
of Officers
During
a
meeting of the Board of Directors held on May 18, 2007 the following officers
were elected to serve for the ensuing year:
Stanley
K. Tanger - Chairman of the Board & Chief Executive Officer
Steven
B.
Tanger - President & Chief Operating Officer
Frank
C.
Marchisello, Jr. - Executive Vice President, Chief Financial Officer &
Secretary
Joseph
H.
Nehmen - Senior Vice President, Operations
Carrie
A.
Warren - Senior Vice President, Marketing
Kevin
M.
Dillon - Senior Vice President, Construction & Development
Lisa
J.
Morrison - Senior Vice President, Leasing
James
F.
Williams - Senior Vice President & Controller
Virginia
R. Summerell - Vice President, Treasurer & Assistant Secretary
Mary
Ann
Williams - Vice President, Human Resources
Elizabeth
J. Coleman - Vice President, Operations
Laura
M.
Atwell - Vice President, Marketing
Beth
G.
Lippincott - Vice President, Leasing
Ricky
L.
Farrar - Vice President, Information Technology
Thomas
J.
Guerrieri Jr. - Vice President, Financial Reporting
Barton
A.
Hunter - Vice President, Real Estate Development
About
Tanger Factory Outlet Centers
Tanger
Factory Outlet Centers, Inc.(NYSE:SKT), a fully integrated, self-administered
and self-managed publicly traded REIT, presently owns 30 outlet centers in
21
states coast to coast, totaling approximately 8.4 million square feet of gross
leasable area. Tanger also manages for a fee and owns a 50% interest in two
outlet centers containing approximately 667,000 square feet and manages for
a
fee two outlet centers totaling approximately 229,000 square feet. For more
information on Tanger Outlet Centers, visit our web site at www.tangeroutlet.com.
This
document may contain forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements are subject to risks
and uncertainties. Actual results could differ materially from those projected
due to various factors including, but not limited to, the risks associated
with
general economic and local real estate conditions, the availability and cost
of
capital, the Company’s ability to lease its properties, the Company’s inability
to collect rent due to the bankruptcy or insolvency of tenants or otherwise,
and
competition. For a more detailed discussion of the factors that affect our
operating results, interested parties should review the Tanger Factory Outlet
Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December
31,
2006.