Grubb & Ellis Realty Advisors, Inc. Announces Results of Stockholder Vote on Business Combination
28 Febrero 2008 - 9:52AM
PR Newswire (US)
CHICAGO, Feb. 28 /PRNewswire-FirstCall/ -- Grubb & Ellis Realty
Advisors, Inc. (AMEX:GAVAMEX:GAV.WS) announced that its
stockholders, at a special meeting held earlier today, failed to
approve the proposed business combination pursuant to which the
Company would acquire a portfolio of three commercial properties
from Grubb & Ellis Company (NYSE:GBE), the Company's sponsor.
Grubb & Ellis Company acquired the properties in the first half
of 2007 as part of its strategy to accumulate assets for transfer
to Realty Advisors having a combined value sufficient to constitute
Realty Advisors' business combination. As a special purpose
acquisition company that closed its initial public offering in the
beginning of March 2006, the Company had until March 3, 2008 to
consummate a business combination. As a consequence of the failure
to obtain the requisite stockholders' approval for the proposed
business combination, the Company intends to promptly begin the
process of liquidating its trust account in accordance with its
charter and applicable Delaware law. As a result, it expects that
the amounts held in its trust account, together with interest (net
of applicable taxes), will be returned to the Company's public
stockholders. No payments will be made in respect of the Company's
outstanding warrants or to any of its initial stockholders with
respect to the shares owned by them prior to the initial public
offering. The Company intends to prepare and file with the
Securities and Exchange Commission for mailing to its stockholders,
as soon as practicable, a proxy statement seeking approval to
effect the orderly liquidation and dissolution of the Company.
Grubb & Ellis Realty Advisors, Inc. Grubb & Ellis Realty
Advisors, Inc. is a blank check company formed by Grubb & Ellis
Company in September 2005 for the purpose of acquiring office and
industrial commercial real estate assets in suburban, secondary and
tertiary markets. For more information, visit the Company's Web
site at http://www.grubb-ellisrealtyadvisors.com/. Forward-looking
Statement Statements included in this release may constitute
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause the
Company's actual results and performance in future periods to be
materially different from any future results or performance
suggested by these statements. Such factors which could adversely
affect the Company's ability to obtain these results include, among
other things: (i) changes in governmental regulations, tax rates
and similar matters; (vii) changes in generally accepted accounting
principles by standard-setting bodies; (ii) the degree and nature
of the Company's competition and (iii) other factors described in
the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 2007, the Company's Quarterly Report on Form 10-Q for the
fiscal quarters ended September 30, 2007 and December 31, 2007, and
in the Company's other filings with the Securities and Exchange
Commission (including the definitive proxy statement on Schedule
14A filed with the SEC on January 29, 2008). Important Additional
Information Will Be Filed with the SEC Grubb & Ellis Realty
Advisors, Inc. intends to file a preliminary proxy statement with
the SEC regarding the proposed liquidation and dissolution of the
Company. THE COMPANY'S STOCKHOLDERS AND INVESTORS ARE URGED TO READ
THE PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT
WHEN THEY BECOME AVAILABLE. THE PROXY STATEMENT WILL CONTAIN
IMPORTANT INFORMATION. The Company's stockholders and investors may
obtain free copies of the proxy statement (when available) and
other documents filed by the Company through the Web site
maintained by the SEC at http://www.sec.gov/. In addition, the
Company's stockholders and investors may obtain free copies of the
definitive proxy statement (when available), and other documents
filed by the Company, from the Company by contacting the Company
c/o Chief Financial Officer at 500 W. Monroe St., Suite 2800,
Chicago, IL 60661 or calling 312.698.4900. Before making any voting
decisions with respect to the proposed liquidation or any of the
other matters with respect to which the Company's stockholders will
be asked to vote pursuant to the proxy statement, the Company's
stockholders are urged to read the definitive proxy statement and
other documents filed by the Company when they become available.
The Company, its directors and named executive officers may be
deemed to be participants in the solicitation of the Company's
security holders in connection with the proposed liquidation and
other matters with respect to which the Company's stockholders will
be asked to vote pursuant to the proxy statement. Information
regarding the names, affiliations and interests of such individuals
will be set forth in the Company's preliminary proxy statement when
it is filed with the SEC, as such information may be supplemented
by the Company's definitive proxy statement when it is filed with
the SEC, and in the Company's annual report on Form 10-K for the
fiscal year ended June 30, 2007. DATASOURCE: Grubb & Ellis
Realty Advisors, Inc. CONTACT: Richard Pehlke, Chief Financial
Officer, +1-312-698-6711, or Janice McDill, +1-312-698-6707, , both
of Grubb & Ellis Realty Advisors, Inc. Web site:
http://www.grubb-ellisrealtyadvisors.com/
http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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