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CHAS
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Monday November 8, 4:01 pm Eastern Time
Company Press Release
Chastain Capital Announces Payout of Liquidating Distribution
ATLANTA--(BUSINESS WIRE)--Nov. 8, 1999--Chastain Capital Corporation (Nasdaq/NM:CHAS - news) today announced that its Board of Directors had declared an initial liquidating distribution to shareholders of $7.45 per share of Common Stock. The liquidating distribution will be paid on November 29, 1999, to shareholders of record on November 19, 1999.
The Company also announced that on November 8, 1999, it had completed the sale of its investment in a 11,980,000 Pounds Sterling mezzanine loan and terminated its related foreign currency swap arrangement. The transaction generated net cash proceeds of approximately $17.7 million compared to a book value of $17.5 million at September 30, 1999. The transaction resulted in a realized loss of approximately $1.9 million. As of September 30, 1999, the Company had recognized mark-to-market charges of $2.1 million related to the investment.
As previously announced, Chastain's shareholders on October 1, 1999, voted to approve the complete liquidation and dissolution of the Company pursuant to a Plan of Liquidation and Dissolution. Chastain currently has one real estate asset remaining, a retail property, which the Company is marketing for sale. Assuming the sale of such property and the satisfaction of its remaining obligations, the Company expects to make a final liquidating distribution in the first quarter of 2000.
The amount and timing of any further liquidating distributions will depend on a number of factors, including, without limitation, the actual proceeds of the sale of the Company's remaining asset, the timing of the completion of such sale, the payment of or provision for the Company's liabilities and obligations, the expenses incurred in carrying out the Plan of Liquidation and Dissolution and the timing of the dissolution of the Company in accordance with Georgia corporate law.
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