THE NECESSITY RETAIL REIT, INC. On April 18, 2023, Blackwells Capital LLC issued a letter to fellow shareholders regarding the urgent need for boardroom change at The Necessity Retail REIT, Inc. In the letter, Blackwells Capital stated that current board has failed shareholders by presiding over abysmal financial results, industry-worst corporate governance and the plundering of value by AR Global. Blackwells Capital added that since the Company’s IPO in 2018, there have been 8 dilutive stock offerings totaling $191 million. Blackwells Capital stated that during the same period, AR Global has collected $498 million in payments from the Company shareholders.
Blackwells Capital expressed its views that this represents a looting of corporate coffers of the highest order. Blackwells Capital also urges shareholders vote on Blackwells Capital’s universal proxy card to elect Blackwells Capital’s 2 director candidates.
