Cedar Realty Trust Announces Preliminary Results of Tender Offer
Cedar Realty Trust announced preliminary results of its modified 'Dutch auction' tender offer to repurchase up to $9 million of its 6.50% Series C Cumulative Redeemable Preferred Stock. Based on preliminary counts, approximately 671,355 Series C Shares were properly tendered at or below the estimated purchase price of $14.35 per share. The company expects to purchase about 627,178 Series C Shares. Due to oversubscription, purchases will be prorated among holders. Final results and payments will be announced after the guaranteed delivery period and confirmation process.
Cedar Realty Trust ha comunicato i risultati preliminari della sua offerta di acquisto modificata in 'asta olandese' per riacquistare fino a 9 milioni di dollari delle sue azioni privilegiate cumulabili di tipo C al 6,50%. Sulla base dei conteggi preliminari, approssimativamente 671.355 azioni di tipo C sono state correttamente offerte a un prezzo stimato d'acquisto di 14,35 dollari per azione. L'azienda prevede di acquistare circa 627.178 azioni di tipo C. A causa dell'eccesso di adesioni, gli acquisti saranno proporzionati tra i possessori. I risultati finali e i pagamenti saranno comunicati dopo il periodo di consegna garantita e il processo di conferma.
Cedar Realty Trust anunció los resultados preliminares de su oferta de recompra modificada en 'subasta holandesa' para adquirir hasta 9 millones de dólares de sus acciones preferentes acumulativas serie C al 6,50%. Según conteos preliminares, aproximadamente 671.355 acciones serie C fueron correctamente ofrecidas a un precio de compra estimado de 14,35 dólares por acción. La compañía espera comprar alrededor de 627.178 acciones serie C. Debido a la sobreadhesión, las compras se prorratearán entre los tenedores. Los resultados finales y los pagos se anunciarán después del período de entrega garantizada y del proceso de confirmación.
Cedar Realty Trust는 650%의 누적 상환 우선주 C 시리즈를 최대 900만 달러를 재매입하기 위한 수정된 '네덜란드 경매' 입찰 제안의 초기 결과를 발표했습니다. 초기 집계에 따르면, 약 671,355 시리즈 C 주식이 추정 매입 가격인 주당 14.35 달러 이하로 적절하게 제출되었습니다. 회사는 약 627,178 시리즈 C 주식을 구매할 것으로 예상하고 있습니다. 초과 신청으로 인해 구매는 보유자 간에 비례 배분됩니다. 최종 결과와 지급 내용은 보장된 배송 기간 및 확인 절차 후에 발표될 것입니다.
Cedar Realty Trust a annoncé les résultats préliminaires de son offre de rachat modifiée par 'enchère hollandaise' pour racheter jusqu'à 9 millions de dollars de ses actions privilégiées cumulables de série C à 6,50 %. D'après les comptages préliminaires, environ 671.355 actions de série C ont été correctement proposées à un prix d'achat estimé de 14,35 dollars par action. La société prévoit d'acheter environ 627.178 actions de série C. En raison d'une sursouscription, les achats seront proratisés entre les détenteurs. Les résultats finaux et les paiements seront annoncés après la période de livraison garantie et le processus de confirmation.
Cedar Realty Trust hat die vorläufigen Ergebnisse seines modifizierten 'Niederländischen Auktions' Rückkaufangebots bekannt gegeben, um bis zu 9 Millionen US-Dollar seiner 6,50%-Cumulative Redeemable Preferred Stock der Serie C zurückzukaufen. Basierend auf vorläufigen Zählungen wurden ungefähr 671.355 Serie C Aktien ordnungsgemäß zu oder unter dem geschätzten Kaufpreis von 14,35 US-Dollar pro Aktie angeboten. Das Unternehmen erwartet, etwa 627.178 Serie C Aktien zu kaufen. Aufgrund von Überzeichnung werden die Käufe anteilig unter den Besitzern verteilt. Die endgültigen Ergebnisse und Zahlungen werden nach dem garantierten Lieferzeitraum und dem Bestätigungsprozess bekannt gegeben.
- Successfully completed tender offer for $9 million worth of Series C Preferred Stock
- Strong shareholder participation with 671,355 shares tendered, indicating successful price range
- Tender offer was oversubscribed, leading to prorated share purchases
- Company may need to allocate additional cash for future share repurchases
Insights
The tender offer results reveal Cedar Realty Trust's strategic capital management initiative, with
The oversubscription suggests shareholders' willingness to exit at this price point, potentially reflecting concerns about the preferred shares' market value or the company's financial outlook. This repurchase at below par value (
VIRGINIA BEACH, VA / ACCESSWIRE / October 25, 2024 / Cedar Realty Trust, Inc. (NYSE:CDRpB)(NYSE:CDRpC) (the "Company") today announced the preliminary results of its modified "Dutch auction" tender offer to repurchase up to an aggregate amount paid of
Based on the preliminary count by Computershare Inc. ("Computershare"), the depositary for the tender offer, approximately 671,355 Series C Shares were properly tendered and not properly withdrawn at or below the estimated purchase price of
In accordance with the terms and conditions of the tender offer, the Company expects to purchase approximately 627,178 Series C Shares at an estimated purchase price of
The number of Series C Shares to be purchased and the price per share are preliminary and are subject to verification by Computershare and subject to change for a number of reasons. The actual number of Series C Shares to be purchased and the final price per share will be announced following the expiration of the guaranteed delivery period and completion of the confirmation process by Computershare. Promptly after the announcement of the final results, Computershare will issue payment for the Series C Shares validly tendered and accepted for payment under the tender offer and will return Series C Shares tendered and not purchased in the tender offer.
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
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