Guess they plan to stay in business
Wilshire Real Estate Investment Trust Announces Share Repurchase and Will Further Postpone Dividend Distribution to Provide Short-Term Liquidity
PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 30, 1998--Wilshire Real Estate Investment Trust Inc. (Nasdaq: WREI) a hybrid REIT specializing in diversified real estate investments, today announced that its board of directors has authorized the repurchase of up to one million shares of the Company's common stock. The Company also announced that it will further postpone by at least 90 days payment of its previously announced third quarter dividend to increase short-term liquidity. 6 "We believe it is in the shareholders' best interest to further increase short-term liquidity and, in light of our current stock price relative to net asset value, we will also use excess liquidity to buy back shares," said Andrew Wiederhorn, Chairman and CEO of Wilshire REIT. "Given current market conditions, share buybacks, liquidity permitting, will enhance shareholder value to a greater extent than immediate payment of the third quarter dividend."
The Company currently anticipates that the third quarter dividend payment of $0.40, payable to shareholders of record on September 30, 1998, will be reviewed in approximately three months, although there can be no assurance that the payment will be made at that time. The Company will pay interest, at the rate of 4% per annum, on the amount due calculated from the original payment date through the date of the actual payment. |
