Prime Group Realty Trust Sets Date for the Special Meeting of Common and Series B Preferred Sharehol
Prime Group Realty Trust Sets Date for the Special Meeting of Common and Series B Preferred Shareholders to Be Held on December 5, 2012
CHICAGO--(BUSINESS WIRE)-- Prime Group Realty Trust (OTC PINK: PMGEP) (the "Company") announced today that the Company's Board of Trustees has set Wednesday, December 5, 2012 at 35 West Wacker Dr., 35th Floor, Conference Room 35A, Chicago, Illinois, at 10:00 A.M. local time as the date, location and time of the special meeting (the "Special Meeting") of the holders of the Company's Common Shares of Beneficial Interest (the "Common Shares") and 9% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (the "Series B Preferred Shares"). The purpose of the Special Meeting is to approve the previously announced merger of the Company with an affiliate of Five Mile Capital Partners LLC ("Five Mile"), a privately held alternative investment and asset management company. Pursuant to the merger agreement, Five Mile has agreed to acquire the balance of the Series B Preferred Shares not owned by Five Mile affiliates for $5.25 in cash per share, subject to the approval by the holders of a majority of the Common Shares and at least 2/3rds of the Series B Preferred Shares. Currently, affiliates of Five Mile own approximately 65%, or 2,616,308 of the 4,000,000 issued and outstanding, Series B Preferred Shares and all of the Company's Common Shares.
The Company's Board of Trustees has set Friday, October 19, 2012 as the record date for the Special Meeting. As a result, the holders of record of the Common Shares and Series B Preferred Shares at the close of business on Friday, October 19, 2012 shall be entitled to notice of, and to vote with respect to all matters to be acted upon at the Special Meeting or any adjournment(s) or postponement(s) thereof. After the record date, the Company expects to promptly send notice of the Special Meeting and a proxy statement to each holder of Series B Preferred Shares as of the record date.
About Prime Group Realty Trust
Prime Group Realty Trust is a self-administered and self-managed real estate investment trust (REIT) which owns, manages, leases, develops and redevelops office and industrial real estate in metropolitan Chicago. The Company currently owns 1 office property containing an aggregate of 167,756 net rentable square feet and interests in one joint venture that owns one office property comprised of approximately 1.14 million net rentable square feet. The Company leases and manages approximately 1.31 million square feet comprising all of its wholly-owned properties and its 330 N. Wabash Avenue joint venture property. For more information about Prime Group Realty Trust, contact the Company's Chicago headquarters at (312) 917-1300 or visit its website at www.pgrt.com.
About Five Mile Capital Partners
Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile's Principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The Firm's headquarters are based in Stamford, Connecticut with an office in New York City. Five Mile has approximately $2 billion in assets under management. For more information, visit www.fivemilecapital.com.
This press release contains certain forward-looking statements which involve known or unknown risks, uncertainties or other factors not under the Company's control which may cause the actual results, performance or achievement of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements.
Prime Group Realty Trust
Jeffrey A. Patterson, 312-917-1300
Chairman, President and CEO
or
Five Mile Capital Partners LLC
James Glasgow, 203-905-0950
Managing Director
KEYWORDS: United States North America Illinois
INDUSTRY KEYWORDS:
The article Prime Group Realty Trust Sets Date for the Special Meeting of Common and Series B Preferred Shareholders to Be Held on December 5, 2012 originally appeared on Fool.com.
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