Allstar Inns Inc. announces declaration of first cash dividend.SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Nov. 6, 1995--Allstar Inns Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :ALST ALST Aboriginal Legal Services of Toronto (Canada) ALST Assistant Life Support Technician ALST All Stations ) ("Allstar"), a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , Monday announced the declaration of its first cash dividend which will be paid out of the company's surplus cash. A special dividend of $2 per outstanding share of common stock will be paid on Dec. 15, 1995, to stockholders of record on Nov. 24, 1995. Allstar Inns entered into a Master Lease Agreement, covering Allstar's 72 motels, with Motel 6 L.P. ("Motel 6") on Sept. 28, 1995. The Master Lease Agreement is a "net, net, net" lease for a 15-year term commencing Jan. 1, 1995, and ending Dec. 31, 2009; and, extends to Motel 6 an option to purchase the motels from Allstar prior to Dec. 31, 1998. CONTACT: Allstar Inns Inc., Santa Barbara Edward J. Gallagher, 805/730-3383 |
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