/C O R R E C T I O N -- First Union Real Estate Equity and Mortgage Investments/
28 Febbraio 2005 - 6:20PM
PR Newswire (US)
/C O R R E C T I O N -- First Union Real Estate Equity and Mortgage
Investments/ In the news release, First Union Real Estate Equity
and Mortgage Investments (NYSE: FUR) Announces It Has Agreed to
Sell 3,460,000 Series B-1 Cumulative Convertible Redeemable
Preference Shares for $91 Million, issued Friday, Feb. 25, by First
Union Real Estate Equity and Mortgage Investments over PR Newswire,
we are advised by the company that the number of shares in the
headline, and first paragraph, first sentence, should read
"3,640,000" rather than "3,460,000" as originally issued
inadvertently. Complete, corrected release follows: BOSTON, Feb. 25
/PRNewswire-FirstCall/ -- First Union Real Estate Equity and
Mortgage Investments (NYSE:FUR) announced today that it has agreed
to sell through a private offering 3,640,000 shares of its newly
designated B-1 Cumulative Convertible Redeemable Preference Shares
for $91,000,000. The shares will be entitled to cumulative
dividends at a minimum rate of 6.5% and will be convertible into
common stock at a conversion price of $4.50, subject to
anti-dilution adjustments. If fully converted, the shares would
represent approximately 38.7% of the outstanding common stock. The
shares will be acquired by a small group of institutional
investors. The sale is subject to New York Stock Exchange listing
approval. First Union Real Estate Equity and Mortgage Investments
is a NYSE-listed real estate investment trust (REIT) headquartered
in Boston, Massachusetts. The securities offered have not been
registered under the Securities Act of 1933, as amended or state
securities laws, and may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission under the Securities Act of 1933, or an applicable
exception therefrom. DATASOURCE: First Union Real Estate Equity and
Mortgage Investments CONTACT: Carolyn Tiffany, Chief Operating
Officer of First Union Real Estate Equity and Mortgage Investments,
+1-617-570-4614 Web site: http://www.firstunion-reit.net/
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