Meredith Enterprises (AMEX:MPQ)
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From May 2019 to May 2024
Meredith Enterprises, Inc., (Formerly AMEX:MPQ) today
reported that the SEC has granted its application to delist its common
stock from the American Stock Exchange. The Amex will suspend trading
in the company's common stock effective at the opening of the markets
on Thursday, November 3, 2005. In accordance with the company's plans
as stated in its September 15, 2005 press release and current report
on Form 8-K, the company will file a Form 15 with the SEC on November
3, 2005 to terminate registration of its common stock with the SEC and
immediately suspend the company's filing of current and periodic
reports with the SEC.
The company anticipates that, following delisting with the Amex
and deregistration with the SEC, its common stock will be quoted on
the Pink Sheets(R), an electronic quotation service for
over-the-counter securities. The company intends to provide to the
public the information necessary for market makers to quote the
company's stock on the pink sheets, but the company can give no
assurances that any broker will make a market in the company's common
stock.
Stockholders should note that the company's certificate of
incorporation remains unchanged. Among other items, the certificate of
incorporation provides for limitations on ownership to maintain the
company's status as a real estate investment trust under the Internal
Revenue Code. These limits restrict a holder's "beneficial ownership"
to 2.5% of the company's common stock and "constructive ownership" to
5.0% of the company's common stock, except that Allen K. Meredith, the
company's CEO and Chairman, may beneficially own up to 39.0% of the
company's common stock. The definitions of these terms are complex,
and their application to a particular holder depends on the exact
facts and circumstances. Stockholders should carefully review the
company's certificate of incorporation, which is available online
along with the company's other reports and exhibits at the SEC's
website at www.sec.gov.
This release contains forward-looking statements within the
meaning of the securities laws that are based on current expectations,
assumptions, estimates, and projections about Meredith Enterprises,
Inc. and its business. These forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties -- many of which are outside of the company's control --
that may cause actual results to differ materially from those
expressed or implied by forward-looking statements. These risks and
uncertainties include: whether the company will be able to provide the
information necessary for market makers to quote the company's stock
on the pink sheets; and whether the company's common stock will in
fact be traded on the pink sheets after the deregistration. The
company will continue to face other risks and uncertainties, including
whether the company can maintain its dividend, renew its leases with
existing tenants, collect amounts due under existing leases, lease
vacant space to new tenants at acceptable rates (including the
approximately 38,000 square foot vacancy in its Tustin property), and
complete the construction and lease-up of a new shopping center in
Garden Grove, CA and other assets it may develop in the future. For a
description of these and other risks that may affect the company's
performance, please see the sections in its most recent Quarterly
Report on Form 10-QSB entitled "Management's Discussion and Analysis
of Financial Condition and Results of Operations -- Significant Recent
Events" and "-- Risk Factors that May Affect Future Results."