Philips International Announces Asset Disposition; Board Declares $.50 Per Share Liquidating Distribution.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 2, 2001 Philips International Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. (NYSE-PHR), a real estate investment trust, announced today that the Company has completed the sale of its Highway 101 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 Port Angeles, Washington Port Angeles is a city in Clallam County, Washington, United States. According to the 2000 census, its population is 18,397, making it the largest city on the Olympic Peninsula. Port Angeles is the county seat of Clallam County. for approximately $4.5 million in cash. Pursuant to the Company's plan 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 , its Board of Directors today declared the fourth liquidating distribution of $.50 per share which will be payable on November 19, 2001. The record date is November 12, 2001. However, shareholders must continue to own their shares up to and including November 19, 2001 in order to be entitled to the liquidating distribution of $.50 per share. Effective November 8, 2001, the Company's shares will be traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. with due bills which will entitle the owner of the stock to receipt of the distribution. The Company's stock will be traded ex-dividend after the payment date of November 19, 2001. The Company has approximately 7.4 million shares of common stock and common stock equivalents which will participate in this distribution. On October 10, 2000, the stockholders approved the plan of liquidation, which is estimated to generate approximately $18.25 in the aggregate in cash for each share of common stock in two or more liquidating distributions. The prior distributions of $13.00, $1.00 and $.75 per share were paid on December 22, 2000, July 9, 2001 and September 24, 2001, respectively. The Company's five remaining assets are currently being offered for sale. Note: Certain statements in this release regarding anticipated operating results and time are 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company believes the statements and projections are based upon reasonable assumptions, actual results may differ from those projected. Key factors that could cause actual results to differ materially include economic downturns, successful and timely completion of dispositions, leasing activities and other risks associated with the commercial real estate business, and as detailed in the Company's filings from time to time with the Securities and Exchange Commission. |
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