Spirit MTA REIT Announces Initial Liquidating Distribution
05 10월 2019 - 6:25AM
Business Wire
Spirit MTA REIT (NYSE: SMTA) (“SMTA” or the
“Company”) announced today that its Board of Trustees (“Board”) has
declared a cash liquidating distribution of $8.00 per common share.
Shareholders of record as of October 14, 2019 will receive the
distribution on October 23, 2019.
In total, including this initial liquidating distribution and
all subsequent distributions, the Company expects shareholders of
record will receive aggregate liquidating distributions (from SMTA
and/or a liquidating trust or other liquidating entity established
in the future) closer to the middle of the previously provided
range of $8.50 to $9.35 per common share of the Company, less
applicable withholding taxes. This previously provided range was
made available in the Company’s Definitive Proxy Statement filed
with the SEC on Schedule 14A on August 5, 2019.
As previously disclosed, at some point following payment of this
cash liquidating distribution, as determined by the Board of
Trustees, in accordance with the Plan of Voluntary Liquidation
previously approved by the Board of Trustees and shareholders, the
Company will terminate its existence and may transfer all of its
remaining assets (including remaining cash) to a liquidating trust,
which would assume all of the Company’s remaining obligations and
liabilities.
In connection with the establishment of a liquidating trust, the
Company’s outstanding shares would be cancelled (and would no
longer be transferrable) and each shareholder would receive one
share of a common beneficial interest in the liquidating trust for
each share of the Company that shareholder owned immediately prior
to the Company’s termination. Remaining net proceeds received from
the sale of the Company’s assets (after paying costs and expenses
and satisfying remaining liabilities and obligations) would be
distributed by the liquidating trust to the holders of shares of
common beneficial interests in the liquidating trust. The shares of
common beneficial interest in the liquidating trust would not be
transferable (except by will, intestate succession or operation of
law). The amount and timing of the termination of the Company’s
existence is subject to approval by the Board of Trustees in its
sole discretion. The Company intends to provide shareholders with
further information regarding the foregoing, including the expected
date of the Company’s termination, in due course.
Notwithstanding the estimated range of distributions, the
Company cannot predict with any certainty the exact timing, amount
or number of any distributions to its shareholders, as
uncertainties as to the precise net value of our remaining assets,
the final amount of our liabilities, the post-closing purchase
price adjustments under the Equity Purchase Agreement with
Hospitality Properties Trust, the operating costs and amounts to be
set aside for potential claims and obligations and prior to and
during the liquidation and winding-up process and the related
timing to complete such transactions make it impossible to predict
with certainty the actual net cash amount that will ultimately be
available for distribution to shareholders of the Company or the
timing of any such distributions.
About Spirit MTA REIT
Spirit MTA REIT (NYSE: SMTA) is a net-lease REIT headquartered
in Dallas, Texas. SMTA is managed by Spirit Realty Capital, L.P, a
wholly-owned subsidiary of Spirit (NYSE: SRC), one of the largest
publicly traded triple net-lease REITs.
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Investors: Spirit MTA REIT (972) 476-1409
smtainvestorrelations@spiritrealty.com
Spirit MTA REIT (NYSE:SMTA)
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