Printer Friendly

CLEVETRUST RIGHTS OFFERING EFFECTIVE

 WESTLAKE, Ohio, Nov. 15 /PRNewswire/ -- John C. Kikol, president of CleveTrust Realty Investors (NASDAQ: CTRIS), a real estate investment trust, announced today that the Securities and Exchange Commission has made effective the Registration Statement for an Offering under which the Trust will issue 1,857,969 rights which will enable shareholders to purchase up to 1,857,969 additional Shares of Beneficial Interest in the Trust which is one-half of the Shares held on Nov. 12, 1993, the Record Date. The rights entitle the shareholders of record as of Nov. 12, 1993, to purchase whole shares at $3.25 per share. The rights are non- transferable and will expire at 5:00 p.m. Cleveland time on Jan. 28, 1994, unless the Trust, at its option, decides to extend the expiration date to a date not later than Feb. 28, 1994. A shareholder may also over-subscribe for shares at a price of $3.25 per share, to the extent that shares are available because other holders of the rights have not exercised their rights in full. The Trust, through selected officers, may also solicit other persons to purchase shares that are not purchased by the Trust's shareholders, provided that such sales comply with applicable law. The Trust plans to invest the proceeds from the Offering in suburban office buildings, not yet identified, within the Midwest and Southwest Regions.
 To the extent that the Trust is successful in investing the proceeds from this offering in suburban office buildings, the Trust will consider a change of its historical investment strategy from a diversified portfolio of properties to a portfolio consisting primarily of suburban office buildings. In such event, the Trust plans to market its shopping centers and an apartment complex at prices acceptable to the Trust. These prices are in excess of carrying values of the Properties. There can be no assurance that such prices will be achieved and that the Properties marketed would be sold. If the Trust is successful in marketing these Properties, at prices acceptable to the Trust, the Trust plans to reinvest the net proceeds in suburban office buildings.
 -0- 11/15/93
 /CONTACT: John C. Kikol, president, of CleveTrust Realty Investors, 216-899-0909/
 (CTRIS)


CO: CleveTrust Realty ST: Ohio IN: FIN SU: OFR

KL-BM -- CL031 -- 4671 11/15/93 16:52 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1993
Words:384
Previous Article:SOUTHTRUST BANK SIGNS LETTER OF INTENT FOR PURCHASE OF HOMEBANC BRANCHES
Next Article:SECRETARY OF LABOR ISSUES STATEMENT ON GENERAL MOTORS' PENSIONS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters