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Senior Star Raises Questions On FVE’s Recent Transaction

July 25, 2016

TULSA, OK–Senior Star Management Company (Senior Star) today issued a letter to all shareholders of Five Star Quality Care Inc. (FVE or Five Star) regarding Five Star's June 29, 2016 transaction with Senior Housing Properties Trust and its concerns with corporate governance.  William F. Thomas and Robert D. Thomas, co-founders of Senior Star Management Company, and certain donor-advised charitable funds, collectively may be deemed to beneficially own approximately 3.4 million shares of Five Star, or approximately 6.8 percent of the shares outstanding. 

"While the recent efforts of Five Star's management to monetize the company's balance sheet are encouraging, we are concerned by the additional leverage and cash flow burden placed on the company," stated William Thomas.  "We continue to believe that Five Star is significantly undervalued with the potential to be a best-in-class operator.  However, until leadership can consistently demonstrate independence from other affiliated entities, achieving that potential will be a long and challenging road."
Senior Star's letter reiterated its call for other shareholders to contact Five Star's management to discuss investor's views, support and concerns with the company's strategic plan.

Headquartered in Tulsa, Oklahoma, Senior Star provides independent living, assisted living, memory care, nursing care and home health services through its 2,200 units in 14 communities located in six states.

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