Roberts Realty Investors, Inc. Announces Number of Shares To Be Issued in Special Distribution
23 Dezembro 2008 - 8:53PM
PR Newswire (US)
ATLANTA, Dec. 23 /PRNewswire-FirstCall/ -- Roberts Realty
Investors, Inc. (NYSE Alternext US: RPI) announces today that the
company will issue a total of 3,756,812 shares of its common stock,
which equals a 64.7% stock distribution, or 0.647 shares for each
outstanding share, in the stock portion of the distribution
declared by its board of directors on December 18, 2008 as
previously announced. The distribution in the aggregate amount of
$9,058,000, or $1.56 per share, will be paid on January 29, 2009 in
a combination of 20% in cash, or $0.31 per share, and 80% in
Roberts Realty common stock, equal to $1.25 per share, to
shareholders of record at the close of business on December 29,
2008. The number of shares included in the stock portion of the
distribution is calculated based on the $1.93 average closing sales
price per share of the company's common stock on the NYSE Alternext
US (formerly the American Stock Exchange) on December 22 and
December 23, 2008. The company will issue a small number of
additional shares to round up the number of shares issued to each
holder to the closest full share. The NYSE Alternext US will adjust
today's closing price to reflect the cash and stock portions of the
distribution, and the trading price of the company's common stock
will reflect the distribution beginning on December 24, 2008. As
explained in the previous press release the company issued on
December 18, 2008, each shareholder will have the option to elect
to receive the distribution in cash or shares of common stock,
except the total amount of cash the company will pay to
shareholders will be limited to $1,811,000. If shareholders elect
to receive a total amount of cash that exceeds this limit, the
company will allocate the total $1,811,000 in cash on a pro rata
basis among those shareholders who elect cash, and they will
receive the balance of their distributions in shares of common
stock. Promptly after the December 29, 2008 record date, the
company will mail to shareholders an election card along with other
appropriate disclosure materials that will explain the terms of the
distribution in more detail. For an election to be effective, each
shareholder will be required to make his or her election by
delivering the election card to the company's transfer agent,
American Stock Transfer & Trust Company, by no later than 5:00
p.m., Eastern Time, on January 20, 2009. Roberts Realty Investors,
Inc. is a self-administered, self-managed equity real estate
investment trust based in Atlanta. DATASOURCE: Roberts Realty
Investors, Inc. CONTACT: Charles R. Elliott, Chief Financial
Officer, Roberts Realty Investors, Inc., +1-770-394-6000, or Fax,
+1-770-551-5914
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