Chastain Capital Announces Agreement to Sell Remaining Asset; Announces 1999 Financial Results.Business Editors ATLANTA--(BUSINESS WIRE)--March 17, 2000 Chastain Capital Corporation (Nasdaq/NM:CHAS) today announced that it has entered into an agreement to sell its Lakeside Plaza retail property to a private investment partnership for $3,500,000. The sale, which is expected to close in May, is subject to various closing conditions, including the purchaser's satisfactory completion of its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. inspection of the property. Upon the closing of the sale, after reserving for contingent liabilities Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. and expenses of liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy , the Company expects to declare its final liquidating distribution, which is expected to be approximately $0.55 per share of common stock. The payment of the final liquidating distribution will complete Chastain's Plan of Liquidation and Dissolution, and no further distributions will be made to shareholders. Immediately after the payment of the final liquidating distribution, Chastain expects to make the appropriate filings to dissolve as a Georgia corporation. Upon filing of the articles of dissolution, certificates representing the Company's common stock will be null A character that is all 0 bits. Also written as "NUL," it is the first character in the ASCII and EBCDIC data codes. In hex, it displays and prints as 00; in decimal, it may appear as a single zero in a chart of codes, but displays and prints as a blank space. and void and will be of no value. Chastain also announced its financial results for the quarter and year ended December 31, 1999. Chastain recorded net income of $756,000, or $0.10 per share, for the fourth quarter of 1999, compared with a net loss of $7,605,000, or $1.03 per share, for the fourth quarter of 1998. For the year ended December 31, 1999 the Company recorded a net loss of $814,000, or $0.11 per share, compared to a net loss for the period from April 23, 1998 (the Company's inception) to December 31, 1998 of $45,672,000, or $5.54 per share. On October 1, 1999, the shareholders of the Company approved a Plan of Liquidation and Dissolution, which provided for the complete liquidation of the Company's assets and the dissolution of Chastain as a Georgia corporation. Chastain paid an initial liquidating distribution of $7.45 per share on November 29, 1999. As of December 31, 1999, the Company owned one remaining investment, Lakeside Plaza, a retail shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Stockton, California Stockton is a city in California and the seat of San Joaquin County (the 5th largest agricultural county in the United States). According to 2007 estimates by the California Department of Finance, Stockton has a population of 289,789 (689,689 MSA) and is the 13th largest city in . This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. related to Chastain Capital Corporation that involve risks and uncertainties. Prospective investors are cautioned that forward-looking statements are not guarantees of future events and actual results may differ materially from management expectations due to a variety of factors, including, but not limited to, the timing of proposed asset sales, risks that the proposed asset sales could fail to close, the realization of contingent liabilities or the incurring of other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. that could prevent the Company from making expected distributions to shareholders, changes in national, regional or local economic environments, government fiscal and monetary policies, changes in prevailing interest rates, the course of negotiations, the fulfillment of contractual conditions, factors inherent to the valuation and pricing of interests in real-estate related assets, credit risk management, asset/liability management Asset/Liability Management A technique companies employ in coordinating the management of assets and liabilities so that an adequate return may be earned. Also known as "surplus management. , the financial and securities markets, the availability of and costs associated with the Company's sources of liquidity, other factors generally affecting the real estate acquisition, mortgage and leasing markets and security investments, and other risks detailed in the Company's Registration Statement on Form S-11, as amended, the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998, the Company's Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for its 1999 Annual Meeting of Shareholders and its other filings with the Securities and Exchange Commission. Copies of the Company's SEC filings are available upon request from the Company's investor relations Investor relations The process by which the corporation communicates with its investors. department.
Chastain Capital Corporation
(In thousands, except per share data)
Consolidated Balance Sheet Information
As of December 31, 1999
ASSETS
Real estate investment, held for sale $3,500
Cash and short term investments 1,312
Other currents assets 226
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Total assets $5,038
LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued expenses $ 747
Total shareholders' equity 4,291
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Total liabilities and stockholders' equity $5,038
Net asset value per share $ 0.58
Common shares outstanding 7,347
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