CLEARWATER, FLA. (PRWEB) January 03, 2012
American Land Lease, Inc. (the “Company”) announced today that it completed a reverse stock split of its 7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), whereby each one (1) issued share of Series A Preferred Stock was converted into one-twelfth (1/12) of a share of the Company’s Series A Preferred Stock, followed by a twelve-for-one forward stock split of the Company’s Series A Preferred Stock (the “Reverse/Forward Stock Split”). The reverse stock split became effective at 11:58 p.m. Eastern Standard Time on December 31, 2011 and the forward stock split became effective at 11:59 p.m. Eastern Standard Time on December 31, 2011.
As a result of the Reverse/Forward Stock Split, stockholders of record of fewer than twelve (12) shares of Series A Preferred Stock immediately prior to 11:58 p.m. Eastern Standard Time on December 31, 2011 were cashed out at the price per share set forth in the Certificate of Amendment to Third Amended and Restated Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on December 30, 2011, with an effective time of 11:58 p.m. Eastern Standard Time on December 31, 2011. A copy of such Certificate of Amendment will be provided to any stockholder upon request, without cost. The Company arranged for the aggregation of fractional interests attributable to the cashed out stockholders and the disposition of shares resulting from such aggregation. Following the Reverse/Forward Stock Split, the holdings of all other stockholders remain unchanged.
Transmittal letters will be sent to all stockholders of record affected by this Reverse/Forward Stock Split by the Company’s transfer agent, Wells Fargo Shareowner Services (1-877-536-3552).
About American Land Lease, Inc.
American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns and manages high quality residential land-lease communities. The company operates approximately 18,200 land-lease home sites in 49 communities located in ten states that are owned directly or by affiliated entities. For additional information, please visit http://www.AmericanLandLease.com.
American Land Lease, Inc.
Benjamin S. Allen, General Counsel