Roberts Realty Investors, Inc. Increases Stock Repurchase Plan to 600,000 Shares
13 Gennaio 2009 - 10:15PM
PR Newswire (US)
ATLANTA, Jan. 13 /PRNewswire-FirstCall/ -- Roberts Realty
Investors, Inc. (NYSE Alternext US: RPI) announces that its Board
of Directors has amended its stock repurchase plan to authorize the
company to repurchase up to 600,000 shares of its outstanding
common stock. The company may repurchase shares from time to time
by means of open market purchases and in solicited and unsolicited
privately negotiated transactions, depending on availability, the
company's cash position and price. On December 2, 2008, the
company's Board previously approved an amendment to the plan to
permit the repurchase of up to 300,000 shares. Subsequently, on
December 18, 2008, the Board declared a distribution of $9,058,000,
or $1.56 per share. The distribution will be paid on January 29,
2009 in a combination of 20% in cash, or $0.31 per share, and 80%
in Roberts Realty common stock, equal to $1.25 per share, to
shareholders of record at the close of business on December 29,
2008. The company announced on December 23, 2008 that it will issue
0.647 shares of its common stock for each outstanding share, in the
stock portion of the distribution declared on December 18. The
company expects to have approximately 10.1 million outstanding
shares of common stock on January 29, 2009. Charles S. Roberts,
President and Chief Executive Officer, stated that "The amendment
to raise our stock repurchase plan to 600,000 shares reflects the
Board's continued belief that at current market prices, the
company's stock represents an excellent investment. The amendment
also takes into account the increase in the number of outstanding
shares that will result from the distribution." Roberts Realty
Investors, Inc. is a self-administered, self-managed equity real
estate investment trust based in Atlanta. This press release
contains forward-looking statements within the meaning of the
federal securities laws. Although the company believes the
expectations reflected in the forward-looking statements are based
on reasonable assumptions, the company's actual results could
differ materially from those anticipated in the forward-looking
statements. Certain factors that might cause such a difference
include the following: the company may not repurchase shares of its
common stock as it intends due to price, the availability of
sufficient cash, and other factors; and the company's stock may not
prove to be an excellent investment due to factors that include the
present economic climate. Further, the company's estimate of the
number of shares that will be outstanding on January 29 does not
reflect the shares that the company will issue to holders of units
in Roberts Properties Residential, L.P. if any of those holders
elects to convert his or her units to shares after the date of this
press release. Roberts Properties Residential, L.P. is the limited
partnership through which Roberts Realty conducts its business. For
more information about other risks and uncertainties the company
faces, please see the sections entitled "Risk Factors" in the
company's most recent annual report on Form 10-K and quarterly
report on Form 10-Q as filed with the SEC. DATASOURCE: Roberts
Realty Investors, Inc. CONTACT: Charles R. Elliott, Chief Financial
Officer of Roberts Realty Investors, Inc., Telephone:
+1-770-394-6000, Fax: +1-770-551-5914
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