DALLAS, Feb. 28, 2014 /PRNewswire/ -- PMC Commercial Trust (NYSE MKT: PCC), a real estate investment trust ("PMC Commercial"), announced today that its Board of Trust Managers has declared a special cash dividend (the "Special Dividend") in connection with the anticipated closing of the proposed merger with CIM Urban REIT, LLC ("CIM REIT"). The Special Dividend will be payable on the tenth business day after the effective time of the merger to PMC Commercial shareholders of record as of the close of business on the last business day prior to the effective time of the merger. The proposed merger is currently expected to close on March 11, 2014.
The Special Dividend will be equal to the sum of (i) $5.50 per common share, plus (ii) the portion of PMC Commercial's regular quarterly dividend, $0.125 per common share, accrued pro rata through the last business day prior to the effective time of the merger. Consistent with Exchange policy for extraordinary dividends, the common shares will continue to be quoted without giving effect to the Special Dividend through the dividend payment date, after which the shares will trade on an ex-dividend basis. As a result of this policy, purchasers of the common shares after the record date and prior to the "ex" date will be entitled to receive a redeemable "due bill" equal in value to the Special Dividend.
PMC Commercial also announced today that it intends to list its shares on the NASDAQ Global Market and will therefore withdraw its common shares from listing on the NYSE MKT. The NASDAQ Stock Market has approved PMC Commercial's application to list its common shares on the NASDAQ Global Market, and it is expected that PMC Commercial's common shares will commence trading on the NASDAQ Global Market on the first business day after the closing of the proposed merger. The common shares will trade under the symbol "PMCT" on the NASDAQ Global Market.