Amen Properties Announces the Sale of Its Undivided Interest in its Lubbock Office Building.MIDLAND, Texas -- On January 4, 2005, Amen Properties, Inc. (Nasdaq:AMEN) announced that on December 29, 2004, Amen Delaware, LP, its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. (collectively the "Company"), sold its undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in its Lubbock Office Building for $3,924,141. The Company's book basis in its undivided interest was approximately $2,690,781 resulting in a gain of approximately $1,233,000. The Company received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $3,688,094 due to certain closing adjustments provided for in the Purchase Agreement and is subject to certain post-closing adjustments provided in the Purchase Agreement which are not expected to be material. The Company plans to use the proceeds from the sale to reduce the principal amount of certain debt owed by Amen Delaware, LP to the original sellers of the building from $2,789,087 to $1,394,544 and pay the accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereon of $286,802 in full. The remaining proceeds will be used to fund potential capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of its start up retail electric provider, W Power and Light, LP. |
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