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

AMREP Commences Rights Offering For 1,199,242 Shares Of Common Stock At $6.25 Per Share

PRINCETON, N.J., May 31, 2013 /PRNewswire/ -- AMREP Corporation (the "Company") (NYSE: AXR) today announced its commencement of a rights offering (the "Rights Offering"), which is being extended to all holders of record of the Company's common stock (the "Common Stock") at the close of business on May 31, 2013 (the "Record Date").  The Rights Offering will be carried out through the distribution of non-transferable subscription rights (the "Rights") to subscribe for and purchase shares of Common Stock, as described in the Company's Prospectus, dated May 31, 2013 (the "Prospectus").

Record holders of Common Stock as of the Record Date ("Record Holders") will receive one Right for every share of Common Stock owned of record as of the close of business on the Record Date.  Each Right allows a Record Holder to subscribe for 0.200 of a share of Common Stock (the "Basic Subscription Right") at the cash price of $6.25 per whole share (the "Subscription Price").  The Rights will expire, if not exercised, by 5:00 p.m., New York City time, on June 27, 2013, unless extended by the Board of Directors of the Company (as it may be extended, the "Expiration Date").

In the Rights Offering, the Company is offering an aggregate of 1,199,242 shares of its Common Stock (the "Underlying Shares") pursuant to the Prospectus.  Fractional shares or cash in lieu of fractional shares will not be issued in the Rights Offering. Fractional shares will be rounded down to the nearest whole number. 

In addition, each holder of Rights who exercises their Basic Subscription Right in full will be eligible to subscribe (the "Over-Subscription Privilege"), at the same Subscription Price of $6.25 per whole share, for additional shares of Common Stock subject to the terms and conditions set forth in the Prospectus, in the event Underlying Shares remain unpurchased as of the Expiration Date (the "Excess Shares").  Each holder of Rights may exercise their Over-Subscription Privilege only if such holder exercised their Basic Subscription Right in full.  If there is not a sufficient number of Excess Shares to satisfy all requests for subscriptions made under the Over-Subscription Privilege, the Company will allocate the Excess Shares pro rata, as described in the Prospectus.

Record Holders will be required to submit payment in full for all of the shares of Common Stock they wish to buy pursuant to the exercise of the Basic Subscription Right and the Over-Subscription Privilege to the subscription agent, Registrar and Transfer Company (the "Subscription Agent"), by no later than 5:00 p.m., New York City time, on the Expiration Date.

Copies of the Prospectus and associated subscription documents may be obtained from the Subscription Agent by calling (800) 368-5948 toll-free.  You may also contact the Subscription Agent if you have any questions on the Rights Offering or require any assistance in exercising your Rights.

1 of 2

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 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


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