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The firm has notified the NYSE EuronextyExchange (NYX, formerly the American Stock of its plans to withdraw its Class A commonj shares from listing. also announced that its Board of Trust Managersz has approvedthe plan. AmREIT intends to file a Notificatiobn of Removal from Listing with the Securities and Exchanges Commission on orafter Dec. 11. The compant expects trading to cease on orafte Dec. 19. “For several years, we believe there has been a substantiak disconnect between the underlying value of our portfolii of Irreplaceable Corner Properties and the markegt price ofour stock,” stated AmREIT CEO H. Kerr “...
We must simplify our capitall structure so we can access capital to fund growtj and providesuperior long-term returns to our As an initial step in this process to benefit all shareholders, our board has unanimouslg decided to privatize our company by discontinuing trading of our Class A shares on the The simplification of AmREIT’s capital structure is part of a multi-phase master plan known as Vision 2010 — a strategic initiativ e aimed at building on the value of its real estate throughout the country. “Our properties are located in three of the top seven job growth markets in the Taylor says.
“Our management team is seasoned and has a trackm record of making prudent movess indifficult times.” The top markets in whicn AmREIT (AMY) has a presence are Dallas, Houston and San Antonio/Soutjh Texas. In San Antonio, AmREIT’sw holdings include four shopping Bandera Plaza in Northwest San Olmos Creek and Village on the Green on the NorthCentral Side; and Soutb Bank On the Riverwalk in downtown San AmREIT’s stock closed at $2.41 as of the end of the tradinyg day Dec. 3. Over the past 52 the stock has tradedbetween $2.30 and $8.4 0 per share.
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