OAK BROOK, Ill., May 17 /PRNewswire-FirstCall/ -- Banyan Strategic Realty
Trust (Nasdaq: BSRTS) announced today that it received a Nasdaq Staff
Determination on May 16, 2002, indicating that Banyan fails to comply with the
Minimum Bid Price requirements for continued listing set forth in Marketplace
Rule 4450(a)(5), and that its securities are, therefore, subject to delisting
from The Nasdaq National Market. Banyan has requested a hearing before a
Nasdaq Listing Qualifications Panel to review the Staff Determination. The
request for hearing stays the delisting of Banyan's securities, pending the
Panel's decision. There can be no assurance that the Panel will grant Banyan's
request for continued listing.
Banyan further announced that if it is unsuccessful in its appeal, it
currently intends to list its securities on the Over The Counter Bulletin
Board.
Commenting upon the receipt of the Nasdaq notice, Banyan Interim
President, Chairman and CEO, L.G. Schafran said: "As we announced in press
releases of February 21, March 25, April 1, May 1, and May 8, 2002, we
anticipated the receipt of Nasdaq's notice. We have decided to appeal, based
upon the unique situation that our Plan of Termination and Liquidation
presents. If we are unsuccessful, we do not presently anticipate moving to
the Nasdaq Small Cap Market, because of its cost and its compliance
requirements, which we may not be able to meet. Instead, our shares will be
available for exchange on the OTC Bulletin Board."
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that adopted a Plan of Termination and Liquidation on January 5, 2001.
On May 17, 2001, the Trust sold approximately 85% of its portfolio in a single
transaction. Other properties were sold on April 1, 2002 and May 1, 2002.
Banyan now owns a leasehold interest in one (1) real estate property located
in Atlanta, Georgia, representing approximately 9% of its original portfolio.
This property is subject to a contract of sale, currently scheduled to close
on July 17, 2002. Since adopting the Plan of Termination and Liquidation,
Banyan has made liquidating distributions totaling $4.95 per share. On May 1,
2002, Banyan announced that an additional distribution of $0.30 per share
would be made on May 31, 2002 to shareholders of record as of May 16, 2002,
thus increasing the total liquidating distributions to $5.25 per share. As of
this date, the Trust has 15,496,806 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the sale of the Trust's
remaining property, the amount of the remaining liquidating distributions, the
outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2001 which was filed with the Securities and Exchange Commission
on March 21, 2002. Please see also the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" section which was included
in our Form 10-Q for the quarter ended March 31, 2002 which was filed with the
Securities and Exchange Commission on May 6, 2002. Without limitation, the
foregoing words such as "anticipates", "expects", "intends", "plans", and
similar expressions are intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
SOURCE Banyan Strategic Realty Trust
 back to top
Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or
Investors, L.G. Schafran, Chairman and Interim CEO-President,
+1-630-218-7250, ir@banyanreit.com , both of Banyan Strategic
Realty Trust
|
