Crescent Real Estate Equities announces timing of Crescent operating spin-off.FORT WORTH, Texas--(BUSINESS WIRE)--June 12, 1997--Crescent Real Estate Equities Co. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced the timing for trading and distribution of common stock of Crescent Operating, Inc. The shares will initially be listed on the 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. , a real-time over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. , under the trading symbol Trading symbol See: Ticker symbol of COPIV. When-issued trading is expected to begin on Friday, June 13, with Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. serving as principal market maker in the shares. The mailing of shares is expected to be completed by June 27, 1997. The initial assets of Crescent Operating, Inc. will include 100% of the stock of a construction equipment sales, leasing and servicing company, a 1.21% interest in a private venture capital fund, a 50% interest in a newly formed limited liability company which will operate approximately 90 behavioral healthcare facilities and warrants to acquire approximately 1.3 million shares of common stock of Magellan Health Services health services Managed care The benefits covered under a health contract , Inc. On June 11, 1997, Crescent Operating, Inc. sold its 12.38% limited partner interest in a partnership which owns the Dallas Mavericks  The introduction of this article is too short.To comply with Wikipedia's lead section guidelines, it should be expanded. basketball team (representing Crescent Operating, Inc.'s entire interest in such partnership) to a newly formed subsidiary of Crescent Real Estate Equities Limited Partnership. The sales price of the interest was at a premium of approximately $150,000 above the amount paid by Crescent Operating, Inc. to acquire the interest. The proceeds of the sale were used to repay debt and make a distribution to Crescent Real Estate Equities Limited Partnership, its sole shareholder at the time of the sale. For further information, a Form S-1 registration statement has been filed for Crescent Operating, Inc. with the Securities and Exchange Commission. Crescent is a fully integrated real estate company which, upon completion of certain pending transactions, will own through its subsidiaries a portfolio of real estate assets, consisting of 72 office properties and 6 retail properties totaling 21.5 million square feet, approximately 90 behavioral healthcare facilities, 4 full-service hotels totaling 1,471 rooms, 2 destination health and fitness resorts, and economic interests in 6 single family residential land developments. The office and retail properties are located primarily in 21 metropolitan submarkets in Texas and Colorado. For further information, please contact Dallas E. Lucas, Chief Financial Officer at (817) 877-0477. Crescent is also online at www.cei-crescent.com . CONTACT: Crescent Real Estate Equities, Fort Worth Dallas E. Lucas, 817/877-0477 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion