Cedar Realty Trust Announces Final Results of Tender Offer
Cedar Realty Trust announced the final results of its modified 'Dutch auction' tender offer to repurchase shares of its 6.50% Series C Cumulative Redeemable Preferred Stock. The company accepted 688,670 Series C Shares at a final purchase price of $14.00 per share, representing approximately 14% of outstanding Series C Shares. The total purchase amount was $9.6 million, excluding fees and expenses. The company may purchase additional shares in the future, subject to various factors and a mandatory 10-business-day waiting period after the tender offer expiration.
Cedar Realty Trust ha annunciato i risultati finali della sua offerta pubblica di acquisto modificata con 'asta olandese' per riacquistare azioni delle sue azioni privilegiate cumulative con diritto di riscatto della Serie C al 6,50%. L'azienda ha accettato 688.670 azioni della Serie C a un prezzo finale di acquisto di $14,00 per azione, pari a circa 14% delle azioni della Serie C in circolazione. L'importo totale dell'acquisto è stato di $9,6 milioni, escluse spese e oneri. L'azienda potrebbe acquistare ulteriori azioni in futuro, soggetto a vari fattori e a un periodo di attesa obbligatorio di 10 giorni lavorativi dopo la scadenza dell'offerta pubblica di acquisto.
Cedar Realty Trust anunció los resultados finales de su oferta pública de adquisición modificada por 'subasta holandesa' para recomprar acciones de sus acciones preferentes acumulativas redimibles de la Serie C al 6,50%. La compañía aceptó 688,670 acciones de la Serie C a un precio final de compra de $14.00 por acción, lo que representa aproximadamente un 14% de las acciones de la Serie C en circulación. El monto total de la compra fue de $9.6 millones, excluyendo tarifas y gastos. La compañía puede adquirir acciones adicionales en el futuro, sujeto a diversos factores y un período de espera obligatorio de 10 días hábiles tras la expiración de la oferta pública de adquisición.
시더 리얼티 트러스트(Cedar Realty Trust)는 6.50% 시리즈 C 누적 상환 우선주 매입을 위한 수정된 '네덜란드 경매' 입찰 제안의 최종 결과를 발표했습니다. 회사는 688,670 시리즈 C 주식을 주당 $14.00에 최종 구매 가격으로 수용하였으며, 이는 유통 중인 시리즈 C 주식의 약 14%를 나타냅니다. 총 구매 금액은 $9.6 백만이며, 수수료 및 비용은 제외되었습니다. 회사는 향후 여러 요인에 따라 추가 주식을 매입할 수 있으며, 입찰 제안 종료 후 10영업일의 의무 대기 기간이 있습니다.
Cedar Realty Trust a annoncé les résultats finaux de son offre d'achat modifiée par 'enchère néerlandaise' pour racheter des actions de ses actions privilégiées cumulatives remboursables de la Série C à 6,50%. La société a accepté 688 670 actions de la Série C à un prix d'achat final de 14,00 $ par action, ce qui représente environ 14% des actions de la Série C en circulation. Le montant total de l'achat s'élevait à 9,6 millions $, hors frais et dépenses. L'entreprise peut acheter des actions supplémentaires à l'avenir, sous réserve de divers facteurs et d'une période d'attente obligatoire de 10 jours ouvrables après l'expiration de l'offre.
Cedar Realty Trust hat die endgültigen Ergebnisse seines modifizierten 'Dutch Auction'-Angebots zur Rückkauf von Aktien seiner 6,50% Serie C kumulierten einlösbaren Vorzugsaktien bekannt gegeben. Das Unternehmen akzeptierte 688.670 Serie C Aktien zu einem endgültigen Kaufpreis von 14,00 $ pro Aktie, was etwa 14% der ausstehenden Serie C Aktien entspricht. Der Gesamtbetrag des Kaufs betrug 9,6 Millionen $, ohne Gebühren und Ausgaben. Das Unternehmen könnte in Zukunft weitere Aktien erwerben, abhängig von verschiedenen Faktoren und einer obligatorischen Wartezeit von 10 Geschäftstagen nach Ablauf des Angebots.
- Successfully completed share repurchase program, reducing outstanding preferred shares by 14%
- Demonstrated financial capacity to execute $9.6 million share buyback
- Exceeded initial $9 million repurchase target by $0.6 million, requiring additional capital expenditure
Insights
The completed tender offer reveals strategic capital management by Cedar Realty Trust. The company successfully repurchased 688,670 Series C Preferred shares at
The tender price of
VIRGINIA BEACH, VA / ACCESSWIRE / October 29, 2024 / Cedar Realty Trust, Inc. (NYSE:CDRpB)(NYSE:CDRpC) (the "Company") today announced the final results of its modified "Dutch auction" tender offer to repurchase up to an aggregate amount paid of
Based on the final count by Computershare Inc. ("Computershare"), the depositary for the tender offer, an aggregate of 688,670 Series C Shares were properly tendered and not properly withdrawn at or below the final purchase price of
The aggregate purchase price for the Series C Shares purchased in the tender offer is approximately
The Company may purchase additional Series C Shares in the future. The amount and timing of any such purchases depends on a number of factors, including the availability of cash and/or financing on acceptable terms, the amount and timing of dividend payments, if any, and periods in which the Company is restricted from repurchasing Series C Shares, as well as any decision to use cash for other strategic objectives. Under applicable law, the Company may not repurchase any additional Series C Shares until at least ten business days after the expiration of the tender offer.
For all questions relating to the tender offer, please call the information agent, Georgeson LLC toll-free at (866) 735-3807; banks and brokers may call the depositary, Computershare Inc., at (800) 736-3001.
About Cedar Realty Trust
Cedar Realty Trust, Inc., a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc., is a Maryland corporation (taxed as a real estate investment trust ("REIT")) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers in the Northeast. Cedar's portfolio comprises 17 properties, with approximately 2.6 million square feet of gross leasable area.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.whlr.us.
Contact Information:
Cedar Realty Trust, Inc.
(757) 627-9088
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "estimates", "projects", "anticipates", "believes", "expects", "intends", "future", and words of similar import, or the negative thereof. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Cedar Realty Trust, Inc.
View the original press release on accesswire.com
FAQ
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