OAK BROOK, Ill., July 11 /PRNewswire-FirstCall/ --
Banyan Strategic Realty Trust (Nasdaq: BSRTS) announced today that it has been
notified by representatives of the Nasdaq Listing Qualifications Panel, that
Banyan's June 20, 2002 appeal of a determination to delist Banyan's shares of
beneficial interest has been denied. Accordingly, the Trust will consent to a
delisting of its shares as of the opening of the market on July 12, 2002.
As previously announced, Banyan was first notified on February 15, 2002,
that it would be subject to delisting if the closing price of its shares did
not exceed the $1.00 minimum bid price for ten consecutive trading days during
the 90-day period ending on May 15, 2002. In May, Nasdaq notified Banyan of
the imminent delisting.
Banyan appealed on the basis that its diminished stock price was not
unintended, but rather was in keeping with its Plan of Termination and
Liquidation, adopted in January of 2001. Banyan asserted that the reduced
stock price directly related to $5.25 per share in liquidating distributions
made since May of 2001, rather than any other diminution in value of the
business. Nasdaq offered to transfer Banyan's listing to its Small Cap
Market, but Banyan has declined, because of the $45,000 cost involved in a
transfer of the listing.
Banyan anticipates that its shares may now be quoted on the Over the
Counter Bulletin Board ("OTCBB"), but there can be no assurance that a market
for these shares will develop. Investors do not have direct access to the
OTCBB and must contact a broker/dealer to trade OTCBB securities. Further
information about the OTCBB is available at http://www.otcbb.com .
Banyan Interim President, CEO and Chairman, L.G. Schafran, commented: "We
are disappointed that the Nasdaq Panel did not elect to adopt the exception to
its rules that we suggested would be appropriate in a liquidation situation.
We continue to believe that the Nasdaq rules are deficient, because they fail
to provide continual listing for a company, like ours, that adopts and then
executes an orderly plan of liquidation. We encourage our shareholders and
potential investors to trade our shares on the Over the Counter 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 September 17, 2002. Since adopting the Plan of Termination and
Liquidation, Banyan has made liquidating distributions totaling $5.25 per
share. An additional distribution of $0.20 per share is scheduled for July
15, 2002 to shareholders of record as of July 1, 2002. 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
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or
Investor Relations, L.G. Schafran, Chairman and Interim
CEO-President, +1-630-218-7250, ir@banyanreit.com , both of
Banyan Strategic Realty Trust
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