This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Thomas Properties Group, Inc. Announces Private Placement Of $50 Million In Shares Of Common Stock

Thomas Properties Group, Inc. (NASDAQ:TPGI) announced today that it has entered into a definitive purchase agreement with certain institutional accredited investors affiliated with Madison International Realty with respect to the private placement of 8,695,693 shares of its common stock at a purchase price of $5.75, per share, for expected gross proceeds of approximately $50 million before payment of estimated transaction expenses. The closing of this private placement is expected to occur on or about June 12, 2012, subject to customary closing conditions. On May 29, 2012, the closing price of the company’s common stock on the NASDAQ Global Market was $4.05 per share.

In connection with the purchase agreement, the investors also entered into a Stockholders’ Agreement with TPGI and James A. Thomas, our Chairman and Chief Executive Officer, and certain stockholders affiliated with Mr. Thomas, providing for certain lock-up, standstill, preemptive rights and voting agreements by TPGI, the investors, Mr. Thomas and the other affiliated stockholders. The investors will have the right to name one person to become a director of TPGI at the next regular meeting of the Board of Directors. In addition, TPGI entered into a registration rights agreement with the investors pursuant to which it has granted certain rights for the filing of registration statements under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the registration for resale of the shares of common stock issued in the private placement, certain other shares of common stock currently owned by the investors and securities acquired pursuant to the exercise of preemptive rights.

No underwriting discounts or commissions will be paid by TPGI with respect to the sale of the shares, but TPGI has agreed to reimburse the investors for certain transaction expenses. Net proceeds of the private placement will be used for general corporate purposes, including potential acquisitions.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs