UCASU to submit $0.10 or above per share dividend plan to shareholder meeting

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) announced plans to present a dividend distribution proposal during its upcoming annual shareholder meeting. The management anticipates a minimum dividend of $0.10 per share, contingent on the final audited financial reports. The latest quarterly report indicates a 20% organic growth in net equity over a year, leading to potential undistributed profits exceeding $1 million. The company currently holds $2.7 million in cash reserves. Future investments will include Cannabis properties and historic real estate.

Positive

• 20% organic growth in net equity over a 12-month period.
• Potential undistributed profits exceeding $1 million.
• $0.10 per share minimum dividend proposal for shareholders.

Negative

• Dividend distribution subject to audited report results.
• Management can withhold dividends for further investments.

ATLANTA, Oct. 6, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) announces it will hold annual shareholder meeting soon. Among other topics, UC Asset's management will submit its dividend plan for shareholders to review and comment.

"Our most recently quarterly report 10-Q showed a 20% organic growth of net equity over a 12 month period," says Greg Bankston, managing general partner of UC Asset. "If that trend may continue, we will have over $1 million of undistributed profit. It will be to the best interest of our company to distribute a reasonable amount of profit as dividend. We plan to distribute a minimum of $0.10 per share."

However, Bankston adds that such dividend plan will be subject to the final results of audited financial reports and other possible changes of business situations. The bylaw of UC Asset gives management arbitrary power to withhold dividend distribution if the management believes it will be better to use those funds for further investments.

"Our goal is to build a long term investment firm similar to Warren Buffet's Berkshire Hathaway that investors will realize their return from appreciation of market value of our shares, without receiving any cash dividends," explains Bankston. "But before the trading volume of our share can support such a scheme, we will continue to distribute cash dividend when we believe it is to the best interest of our company."

UC Asset's most recent 10Q shows over $2.7 million cash reserve by June 30, 2021. In July, the company made an investment of $1.65 million into historic landmark Rufus Rose House. The cash position remains strong, according to the company's management.

Last week, UC Asset announces that it will expand its investment in Cannabis properties. The company current holds a $1.2 million convertible debt investment in a hemp agriculture property. Management has not disclose how much the Company plans to invest into Cannabis properties, but claims that cannabis properties, along with Airbnb-based SHOC properties and historic landmark properties, will be major building blocks in its portfolio over the coming years.

The company has not announced a date for annual shareholder meeting, but says the record date, on which those who hold UCASU shares will be eligible to attend the meeting, has been set as September 30.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer: 

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact:

Christal Jordan
Executive Director
UC Asset LP
cjordan@ucasset.com 
678-499-0297

View original content:https://www.prnewswire.com/news-releases/ucasu-to-submit-0-10-or-above-per-share-dividend-plan-to-shareholder-meeting-301394023.html

SOURCE UC Asset LP

FAQ

What is UCASU's proposed dividend per share?

The proposed dividend is a minimum of $0.10 per share.

When will the annual shareholder meeting for UCASU be held?

The date for the annual shareholder meeting has not yet been announced.

What are UCASU's recent financial highlights?

UCASU reported a 20% organic growth in net equity and has $2.7 million in cash reserves.

What types of investments is UCASU planning?

UCASU plans to expand investments in Cannabis properties and historic real estate.

What is the significance of the September 30 record date for UCASU?

This date determines eligibility for shareholders to attend the annual meeting.