Grubb & Ellis Realty Advisors, Inc. Announces Record Date for Liquidation Distribution
08 Abril 2008 - 4:00PM
PR Newswire (US)
CHICAGO, April 8, 2008 /PRNewswire-FirstCall/ -- Grubb & Ellis
Realty Advisors, Inc. (AMEX:GAVAMEX:GAV.WS) announced today that
the Company has set April 17, 2008 as the record date for
determining the stockholders entitled to receive liquidating
distributions. The dissolution and plan of liquidation of the
Company is subject to stockholder approval, for which the Board of
Directors has called a special meeting of stockholders to be held
on April 14, 2008. Pursuant to the plan of liquidation, subject to
stockholder approval, the Company will return the amount held in
trust, together with interest (net of applicable taxes), to current
holders of the Company common shares originally issued in its
initial public offering. No payments will be made in respect of the
Company's outstanding warrants or to any of the Company's initial
stockholders with respect to the shares owned by them prior to the
initial public offering. As of the record date, April 17, 2008, the
share transfer books of the Company will be closed, and trading of
the Company's shares on the American Stock Exchange will be
suspended. The Company expects to make a first and final
liquidating distribution on April 18, 2008. A press release
confirming stockholder approval of the Company's dissolution and
liquidation will be issued immediately following such approval at
the special meeting. 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) not obtaining the requisite stockholder approval
to effect the dissolution and liquidation of the Company and (ii)
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 March 24,
2008). Important Additional Information Filed with the SEC Grubb
& Ellis Realty Advisors, Inc. filed a definitive proxy
statement with the SEC regarding the proposed dissolution and
liquidation of the Company on March 24, 2008. THE COMPANY'S
STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT WHICH CONTAINS IMPORTANT INFORMATION. The Company's
stockholders and investors may obtain free copies of the definitive
proxy statement and other documents filed by the Company through
the website 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 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 dissolution and 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. 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 dissolution and 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
is set forth in the Company's definitive proxy statement filed with
the SEC on March 24, 2008 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 W. 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-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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