Grubb & Ellis Realty Advisors, Inc. Announces Stockholder Approval of Proposed Dissolution and Liquidation
14 Abril 2008 - 6:11PM
PR Newswire (US)
CHICAGO, April 14 /PRNewswire-FirstCall/ -- Grubb & Ellis
Realty Advisors, Inc. (AMEX:GAV) announced today that its
stockholders voted to approve the dissolution of the Company and
its proposed plan of liquidation, as presented in the Company proxy
statement dated March 24, 2008, at the special meeting of the
stockholders held on April 14, 2008. This approval was a necessary
condition to the Company's distributing its net assets to holders
of common shares issued in its initial public offering. At the
Company's special meeting held today, a total of 25,330,735 shares
of common stock (approximately 84.9 percent of those outstanding)
were represented. The dissolution and liquidation was unanimously
approved by the affirmative vote of all 25,330,735 shares
represented at the special meeting. As disclosed in its proxy, the
Company's Board of Directors had adopted the proposed plan of
liquidation, subject to the requisite stockholder approval. As
previously announced, the Company has set April 17, 2008 as the
record date for determining the stockholders entitled to receive
liquidating distributions, and as of the close of business on such
date 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. Accordingly, the Company shall file a certificate of
dissolution with the Delaware Secretary of State for the purpose of
effecting its dissolution and on April 18, 2008, the Company
expects to begin making a first and final liquidating distribution
of approximately $6.0891 per share 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. 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/. 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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