SAN DIEGO, Dec. 18 /PRNewswire/ -- Burnham Pacific Properties Inc.
(NYSE: BPP) announced that, at its 2000 annual meeting of stockholders held on
December 15, 2000, stockholders approved the Company's Plan of Complete
Liquidation and Dissolution.
In addition to approving the Plan of Liquidation, the Company's
stockholders also elected nine directors to serve until the 2001 annual
meeting. After the annual meeting, the holders of the Company's outstanding
shares of preferred stock exercised their right to elect two additional
directors to the Company's board of directors, bringing the total to eleven.
The Plan of Liquidation received the affirmative vote of a majority of the
outstanding shares of the Company's common and preferred stock, voting
together as a single class, with the preferred stock voting on an "as
converted" basis. Of the votes cast on the Plan of Liquidation, approximately
96.5% were cast in its favor. The Plan of Liquidation also received the
affirmative vote of all of the outstanding shares of preferred stock, voting
as a separate class.
Scott C. Verges, the Company's Chief Executive Officer, said, "After
completing the lengthy process of exploring all of our strategic alternatives,
we are extremely pleased that our stockholders overwhelmingly approved the
Plan of Liquidation."
The Plan of Liquidation contemplates, among other things, a Liquidation
and Property Management Services Agreement with DDR Real Estate Services,
Inc., the sale of 13 properties to The Prudential Insurance Company of America
or one of its affiliates for gross consideration of approximately
$317 million, the orderly sale of the Company's remaining assets and the
subsequent dissolution of the Company. As previously disclosed, the Company
has already closed on the sale of two of the 13 properties which are subject
to the agreement with Prudential for aggregate consideration of approximately
$48.7 million.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on retail real estate. More information on Burnham may be
obtained by calling 800.462.5181, or visiting the Company's web site at
http://www.burnhampacific.com.
This press release contains forward-looking statements that predict or
indicate future events or trends or that do not relate to historical matters.
There are a number of important factors that could cause actual events to
differ materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, the following: we may be
unsuccessful in implementing our liquidation strategy; we may not be able to
complete the liquidation in a timely manner or realize proceeds from the sales
of assets in amounts that will enable us to provide currently anticipated
liquidating distributions to our stockholders; we have approximately
$177.8 million of outstanding indebtedness which has matured or is scheduled
to mature by March 31, 2001, and we may be unable to refinance, replace or
extend any or all of this indebtedness on terms that are favorable to the
Company, or at all; and occupancy rates and market rents may be adversely
affected by economic and market conditions which are beyond our control,
including imbalances in supply and demand for retail shopping center space and
the financial condition of our tenants.
SOURCE Burnham Pacific Properties Inc.
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Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties Inc., 619-652-4700, fax, 619-652-4711,
dbplatt@bpac.com
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