BINGHAM FARMS, Mich., Aug. 19 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), announced today that the final day for trading its common stock on the
New York Stock Exchange will be Friday, August 27, 2004. Following the close
of trading that day, the company's remaining assets and liabilities will be
transferred to a liquidating trust in accordance with the plan of liquidation
approved by Malan's shareholders in August 2002.
Each shareholder of Malan will automatically become the holder of one unit
of beneficial interest in the trust for each share of Malan common stock, and
all outstanding shares of Malan common stock will automatically be deemed
cancelled. Malan has requested that the staff of the Securities and Exchange
Commission permit the trust to file abbreviated reports with the SEC in the
form in which the trust will report periodically to its beneficiaries, in lieu
of filing the periodic reports that would be required to be filed with the SEC
under Section 13 of the Securities Exchange Act of 1934.
Subject to limited exceptions related to transfer by will, interstate
succession or operation of law, the units will not be transferable nor will a
unit holder have authority, opportunity or power to sell or in any other
manner dispose of any units. As a result, the beneficial interests in the
liquidating trust will not be listed on any securities exchange or quoted on
any automated quotation system of a registered securities association.
"Since announcing the intent to form a liquidating trust, we have advised
shareholders concerned about liquidity to consider selling their common shares
prior to the cessation of trading," said Jeffery Lewis, president and chief
executive officer of Malan Realty Investors. "With that date now set, our
shareholders have the choice of selling at the market price or holding their
units and thereby receive liquidating distributions in the future. We expect
the process of liquidating the trust of the last of its assets could take as
long as two years.
"Malan is in the process of establishing a Web site and investor services
desk that will be dedicated to keeping the unit holders informed of the
company's activities as we complete the liquidation. We will issue a news
release within the next few weeks that provides the Web site address, phone
number and name of the contact person who will supervise the service desk."
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. The company owns a
portfolio of 19 properties located in seven states that contains an aggregate
of approximately 1.2 million square feet of gross leasable area.
Safe Harbor Statement: This news release may contain forward-looking
statements. Although the company believes that the statements and projections
are based on reasonable assumptions, actual results may differ from those
projected. Key factors that could cause actual results to differ materially
include uncertainties regarding the length of time required to sell the
company's properties and execute its plan of liquidation and expenses incurred
during the liquidation period, changing market conditions affecting the sales
price of the company's properties, the effect of changes in proceeds from
property sales on liquidating distributions due to the company's capital
structure, bankruptcies and other financial difficulties of tenants, the cost
of addressing environmental concerns, unforeseen contingent liabilities, and
other risks associated with the commercial real estate business, as detailed
in the company's filings from time to time with the Securities and Exchange
Commission. Many of these factors are beyond the control of the company.
Malan does not undertake to update these forward-looking statements.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or in the Company News section on the PR
Newswire Web site at http://www.prnewswire.com.
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
John Roberson, Media Relations, Malan Realty
Investors, +1-248-644-7110; or Fred Nachman of Marjan
Communications Inc., +1-312-867-1771, for Malan Realty Investors
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