Blue Ridge Extends Expiration Date for Odd Lot Offer to Purchase to February 7, 2014
17 Janeiro 2014 - 8:41PM
Business Wire
Blue Ridge Real Estate Company (OTCQB: BRRE) today
announced that it has extended its odd lot tender offer, which was
originally set to expire on January 17, 2014, until 5:00 P.M., New
York City Time, on February 7, 2014. The odd lot tender offer has
been extended to allow the shareholders of Blue Ridge additional
time to evaluate the Company’s Offer to Purchase, an amended copy
of which was filed with the SEC on January 6, 2014. Shareholders
are encouraged to read such amended Offer to Purchase filed with
the SEC on January 6, 2014 because it includes important additional
information regarding the offer that was not previously included in
the Offer to Purchase dated November 25, 2013, including additional
information as to how the Board of Directors determined the offer
price was fair. A copy of the amended Offer to Purchase is
available on the Company’s website at
http://brreco.com/investor.asp. Blue Ridge is continuing to offer
to purchase for cash all of its common shares held by holders of 99
or fewer shares of Blue Ridge as of November 21, 2013 at a purchase
price of $11.00 per share. In addition to the $11.00 per share
purchase price, Blue Ridge is offering each tendering holder of 99
or fewer shares a $100 bonus upon completion of the Offer for
properly executed tenders of all shares beneficially owned by such
holder which are received and not withdrawn prior to the Expiration
Time of the Offer. In connection with the Offer, if the results of
the Offer allow, Blue Ridge intends to deregister its common shares
with the SEC and take the Company private.
Tendered shares will be acquired for cash, with no interest
payable. The Offer is open only to holders of 99 or fewer shares as
of November 21, 2013. The Offer is not conditioned on any minimum
number of total shares being tendered or the receipt of financing.
The scheduled Expiration Time for the Offer is 5:00 p.m., New York
City time on February 7, 2014, but it can be extended at the
Company’s discretion in accordance with applicable law. Blue Ridge
was advised by IST Shareholder Services, the depositary for the
Offer that, as of 5:00 P.M. EST, on January 17, 2014, a total of
1,701 common shares of Blue Ridge had been tendered by 48 holders
pursuant to the Offer.
Important Additional Information for Shareholders
This communication is for informational purposes only and is not
an offer to purchase Blue Ridge’s common shares or a solicitation
of proxies, and this communication does not constitute an offer to
buy or exchange securities for any purpose. Any such offer or
solicitation of an offer, to purchase Blue Ridge’s common shares
shall be separately communicated in an Offer to Purchase filed with
the SEC and distributed to the Company’s shareholders in accordance
with applicable regulations of the SEC governing offers, and
solicitation of offers, to buy or exchange securities. Reference is
made to, and this communication is qualified by, the Offer to
Purchase for a more complete description of the terms and relevant
considerations.
The Offer to Purchase will contain important information about
the Blue Ridge Offer including complete instructions on how to
tender shares. Odd lot shareholders should read carefully the Offer
to Purchase, the letter of transmittal and related materials to be
filed by Blue Ridge with the SEC before they make any decision with
respect to the tender offer because those documents will contain
important information, including the terms and conditions of the
Offer to Purchase. The Offer to Purchase and all other documents
filed with the SEC in connection with the Offer will be available,
as and when filed, free of charge at the SEC’s website at
www.sec.gov. In addition, the Offer to Purchase and all other
documents filed with the SEC in connection with the Offer will be
made available to investors free of charge by contacting Morrow
& Co., LLC, the information agent for the tender offer, at
(800) 662-5200.
The Offer is not being made nor will any tenders of Blue Ridge
common shares be accepted from or on behalf of any holders (i) of
more than 99 shares or (ii) in any jurisdiction in which the making
of the Offer or the acceptance of any tender would not be made in
compliance with the laws of such jurisdiction.
Blue Ridge is engaged in real estate development and land sales.
Over the past 30 years, Blue Ridge has developed resort residential
communities adjacent to the Jack Frost Mountain and Big Boulder Ski
Areas located in Lake Harmony, Kidder Township, Pennsylvania. These
communities are located in the Pocono Mountains of Pennsylvania.
Blue Ridge also developed the Jack Frost National Golf Course. At
July 31, 2013, Blue Ridge owned 11,825 acres of land in
Northeastern Pennsylvania along with 13 acres of land in various
other states. Of these land holdings, Blue Ridge designated 8,289
as land held for investment, 1,433 acres as held for development,
2,116 acres as held for sale and 1 acre for discontinued
operations. It is expected that all of the Company’s planned
developments will either be subdivided and sold as parcels of land,
or be developed into single and multi-family housing. For
additional information on Blue Ridge, please visit the Company’s
website at www.brreco.com.
This press release may contain certain statements of a
forward-looking nature. The statements contained herein which are
not historical facts are considered forward-looking statements
under federal securities laws. Such forward-looking statements are
based on the beliefs of our management as well as assumptions made
by and information currently available to them. The Company has no
obligation to update such forward-looking statements. Actual
results may vary significantly from these forward-looking
statements.
Blue Ridge Real Estate CompanyBruce
BeatyPresident and Chief Executive
Officer570-443-8433
Blue Ridge Real Estate (PK) (USOTC:BRRE)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Blue Ridge Real Estate (PK) (USOTC:BRRE)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024