Keystone to Terminate, Resulting in Liquidation of Its Outstanding Series D and Series E Preferred Stock
August 04 2004 - 3:10PM
PR Newswire (US)
Keystone to Terminate, Resulting in Liquidation of Its Outstanding
Series D and Series E Preferred Stock WEST CONSHOHOCKEN, Pa., Aug.
4 /PRNewswire-FirstCall/ -- Keystone Property Trust (NYSE:KTR),
today announced, following the closing of its merger with a
partnership indirectly owned by ProLogis (NYSE:PLD) and certain
affiliates of investment funds managed by Eaton Vance Management,
that it intends to liquidate and terminate its existence, effective
September 3, 2004. In accordance with the terms of Keystone's
Articles Supplementary and the merger agreement, upon the
liquidation of Keystone, each holder of Keystone Series D
Cumulative Redeemable Preferred Stock shall be entitled to a
liquidation payment of $25.209 per share (equal to $25 plus
accumulated and unpaid dividends for the period August 1, 2004
through September 3, 2004) and each holder of Keystone Series E
Cumulative Redeemable Preferred Stock shall be entitled to a
liquidation payment of $25.169 per share (equal to $25 plus
accumulated and unpaid dividends for the period August 1, 2004
through September 3, 2004). Dividend payments to holders of record
as of July 16, 2004 were paid on July 30, 2004 and are not part of
these liquidation payments. The liquidation payments for any shares
of Series D Preferred or Series E Preferred held as of September 3,
2004 will be sent by Keystone's paying agent, LaSalle Bank, N.A.,
on or about September 3, 2004. Questions relating to the
liquidation payments should be directed to LaSalle Bank at
800-246-5761 or to a ProLogis Investor Relations representative at
303-576-2622. DATASOURCE: Keystone Property Trust CONTACT: Melissa
Marsden of ProLogis, +1-303-576-2622,
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