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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Winthrop Realty Trust Announces One for Ten Reverse Stock Split
Posted by: gurufocus (IP Logged)
Date: December 13, 2008 09:05PM
Press Release: Winthrop Realty Trust Announces One for Ten Reverse Stock Split Winthrop Realty Trust is a Boston-based real estate investment trust. Its principal business activity is investing in and making loans secured by real estate assets. Its management team is composed of individuals whose careers have been devoted to value-oriented opportunistic real estate investing. Management seeks to earn high risk-adjusted returns by targeting for acquisition significantly undervalued assets. In many cases these assets are underperforming at the time of acquisition and we perceive that through an infusion of capital and improved management an appropriate return on investment can be realized. Consequently with certain limitations they are willing to invest in most any type of real estate asset or security. Winthrop Realty Trust has a market cap of $170.24 million; its shares were traded at around $11 with and P/S ratio of 3.3. The dividend yield of Winthrop Realty Trust stocks is 12.03%. Winthrop Realty Trust had an annual average earning growth of 140.8% over the past 5 years. More on FUR: Gurus buys and sells of FUR 10-year financial history of FUR. Insider buys/sells of FUR. Press Release:The reverse split will reduce the number of Winthrop's outstanding common shares from approximately 78.7 million to approximately 7.87 million shares. No fractional shares will be issued in connection with the reverse stock split. Cash will be issued in lieu of fractional shares. The exercise price and the number of shares of common stock issuable under the Company's outstanding options will be proportionately adjusted to reflect the reverse stock split. The number of shares issuable upon conversion of Winthrop's Series B-1 preferred shares will be proportionately reduced from approximately 13.4 million to approximately 1.34 million to reflect the reverse stock split and the conversion price will increase to Existing shareholders holding certificates representing Winthrop's common shares will receive a Letter of Transmittal from Winthrop's transfer agent with specific instructions regarding the exchange of shares. Existing shareholders who hold their shares in "street name" need not take any action with respect to the reverse split. National City Bank is Winthrop's transfer agent and will act as the exchange agent for the purpose of implementing the exchange of stock certificates in connection with the reverse split. Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed from time to time in the "Risk Factors" section of the Company's Annual Report of Form 10-K/A for the year ended Source: PRNewsWire More on FUR: Gurus buys and sells of FUR 10-year financial history of FUR. Insider buys/sells of FUR. FUR is in the portfolios of Bruce Berkowitz.
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