Atlantic Gulf Communities Concludes Successful Rights Offering.MIAMI--(BUSINESS WIRE)--Nov. 17, 1997--Atlantic Gulf Communities Corporation (NASDAQ-AGLF) announced today the successful completion of its Rights Offering to shareholders, which expired on Thursday, November 13, 1997. The maximum $10 million of Units was more than 70% oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. . The Rights Offering was the culmination of a $55 million equity offering begun in June, 1997. The other elements of the equity offering have been closed and funded. The Rights Offering to holders of record of Atlantic Gulf stock and of warrants issued in 1996 to purchase Atlantic Gulf stock consists of 1,000,000 Units priced at $10 per Unit. Each Unit consists of one share of 20% Series B Cumulative Redeemable Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and a Series B Warrant to purchase two shares of common stock at an exercise price of $5.75 per share. The Company announced that the closing on the subscription will take place on November 19, 1997 in accordance with the offering documents. At that time the certificates for the underlying securities will be issued and the excess funds refunded. J. Larry Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Atlantic Gulf Communities stated, "We are very pleased by the response to this offering from our shareholders. We consider this a strong vote of confidence for our business plan." Atlantic Gulf Communities Corporation, with assets of $229 million , is one of the Southeast's largest residential real estate developers. The Company develops residential lots for homebuilders in many of Florida's most active markets, including South Florida, Jacksonville, Tampa, Orlando and Ft Myers, as well as new projects in Raleigh-Durham, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The Company's predecessor assets include 30,000 acres of land in other parts of Florida and approximately 20,000 developed homesites in Florida and the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the Company is a proven leader in professional development services and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corporation, Miami Harry Rose Telephone: 305-859-4376 Fax: 305-859-4029 http://www.atlanticgulf.com |
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