Pmc Capital (AMEX:PMC)
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PMC Capital Announces Results of Annual Meeting
DALLAS, Dec. 30 /PRNewswire-FirstCall/ -- PMC Capital, Inc. ("PMC Capital")
announced today the results of its Annual Meeting held December 30, 2003.
Shareholders of PMC Capital, among other things, approved the Plan and Agreement
of Merger between PMC Capital and PMC Commercial Trust ("PMC Commercial")
providing for the merger of PMC Capital into PMC Commercial.
Completion of the merger remains subject to approval by the shareholders of PMC
Commercial, regulatory approvals and customary closing conditions. PMC
Commercial has adjourned their Annual Meeting of shareholders scheduled for
December 30, 2003 for the purpose of soliciting additional votes. The PMC
Commercial meeting will be reconvened on Friday, January 9, 2004 at 4:00 PM
Central time.
In addition to the approval of the Plan and Agreement of Merger, PMC Capital
shareholders ratified the selection of PricewaterhouseCoopers LLP to serve as
the company's independent public accountants for the year ending December 31,
2003 and elected Fredric Rosemore and Lance Rosemore to serve as directors for a
term of three years.
Lance Rosemore, Chief Executive Officer of PMC Capital, commented, "We are
pleased that our shareholders have approved the merger with PMC Commercial
Trust, and we will continue to work to consummate the merger." Subject to the
approval of the merger by PMC Commercial shareholders and other conditions to
closing, PMC Capital is working to complete the merger during the first quarter
of 2004 but in no event, later than February 29, 2004.
PMC Capital is a closed-end investment company that originates commercial
mortgages and manages, through a subsidiary, a real estate investment trust, PMC
Commercial Trust.
Certain matters discussed in this press release are "forward-looking
statements." These forward-looking statements can generally be identified as
such because the context of the statement will include words such as the Company
"expects," "anticipates" or words of similar import. Similarly, statements that
describe the Company's future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements can be subject to
certain risks and uncertainties, including the financial performance of the
Company, real estate conditions and market valuations of its stock, which could
cause actual results to differ materially from those currently anticipated.
Although the Company believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can give no
assurance that its expectations will be attained. Shareholders, potential
investors and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements. The forward-looking statements made
herein are only made as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.
DATASOURCE: PMC Capital, Inc.
CONTACT: Investor Relations of PMC Capital, Inc., +1-972-349-3256
Web site: http://www.pmccapital.com/