BODDIE-NOELL PROPERTIES, INC.
CHARLOTTE, N.C., Nov. 17 /PRNewswire/ -- Boddie-Noell Properties, Inc. (AMEX: BNP), a Charlotte, N.C. based real estate investment trust (REIT), today reported ownership of the Company's stock by Directors and Executive Officers. In connection with the Company's acquisition of BT Venture Corporation, Boddie-Noell Enterprises, Inc., an affiliate of B. Mayo Boddie and Nicholas B. Boddie, sold its common stock in the Company to certain executive officers of the Company. B. Mayo Boddie and Nicholas B. Boddie are the Chairman and Vice-Chairman of the Company. The sale was consummated to enable the Company to continue to qualify as a real estate investment trust under the rules governing the limitation of stock ownership by affiliated entities. Following the acquisition of BT Venture Corporation and the sale by Boddie-Noell Enterprises, Inc., ownership of the Company's stock by Directors and Executive Officers is as follows: As of 10/31/94 Number Percentage of Shares of Shares B. Mayo Boddie Chairman 70,495 2.36% Nicholas B. Boddie Vice Chairman 70,495 2.36% William H. Stanley Director 3,000 0.10% Richard A. Urquhart, Jr. Director 100 0.00% James B. Powers Director 3,500 0.12% D. Scott Wilkerson President and CEO 39,570 1.32% Philip S. Payne Executive Vice President and CFO 39,570 1.32% Douglas E. Anderson Vice President/ Secretary 42,361 1.42% W. Craig Worthy Vice President/ Treasurer 40,425 1.35% All Directors and Executive Officers as a group 309,516 10.35% Boddie-Noell Enterprises, Inc. Savings and Employee Retirement Plan 89,250 2.98% All Directors, Executive Officers and Related Parties 398,766 13.33% Shares reported include shares owned by spouses and minor children. -0- 11/17/94 /CONTACT: Philip S. Payne of Boddie-Noell Properties, 704-333-1367/ (BNP)
CO: Boddie-Noell Properties, Inc. ST: North Carolina IN: SU:
MM-JM -- CH001 -- 6153 11/17/94 10:01 EST