Pmc Capital (AMEX:PMC)
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From Jun 2019 to Jun 2024
PMC Capital, Inc. and PMC Commercial Trust Complete Merger
DALLAS, March 1 /PRNewswire-FirstCall/ -- PMC Commercial Trust today announced
that it has completed the merger with PMC Capital, Inc. , effective February 29,
2004, whereby PMC Capital, Inc. ("PMC Capital") was merged with and into PMC
Commercial Trust ("PMC Commercial").
Under the terms of the merger agreement, PMC Capital was merged into PMC
Commercial, with PMC Commercial continuing as the surviving entity. Each issued
and outstanding share of PMC Capital common stock was converted into 0.37 of a
common share of PMC Commercial. The merger was recommended by each company's
special committee, approved by the boards of PMC Capital and PMC Commercial, and
by the shareholders of each company.
Andrew S. Rosemore, Chairman of the Board of PMC Commercial, said, "This
transaction will provide a larger asset and equity base that is anticipated to
enhance our future growth. Becoming a self-directed, instead of externally
managed, REIT is a significant development in our ability to expand our
investment parameters."
Lance B. Rosemore, former Chief Executive Officer of PMC Capital, said, "We are
very pleased to be able to combine our business platform and portfolio with the
portfolio of PMC Commercial.
Together, we anticipate that we will have a more cost effective capital
structure that will allow for greater investment opportunities."
Investors may call, (972) 349-3235, and request copies of public filings and
press releases. Inaddition, investors may call this number and reach PMC
Commercial's Investor Relations Department to ask questions based on publicly
available information.
PMC Commercial is a real estate investment trust (REIT) that primarily
originates commercial real estate loans primarily to operators in the
hospitality industry. PMC Commercial also owns limited service hotel properties
leased to a third party operator.
CERTAIN MATTERS DISCUSSED HEREIN MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS."
PMC COMMERCIAL INTENDS SUCH FORWARD-LOOKING STATEMENTS TO BE COVERED BY THE SAFE
HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS, AND IS INCLUDING THIS
STATEMENT FOR PURPOSES OF COMPLYING WITH THESE SAFE HARBOR PROVISIONS. ALTHOUGH
PMC COMMERCIAL BELIEVES THE FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE
ASSUMPTIONS, PMC COMMERCIAL CAN GIVE NO ASSURANCE THAT ITS EXPECTATIONS WILL BE
ATTAINED. ACTUAL RESULTS AND THE TIMING OF CERTAIN EVENTS COULD DIFFER
MATERIALLY FROM THOSE PROJECTED IN OR CONTEMPLATED BYTHE FORWARD-LOOKING
STATEMENTS DUE TO A NUMBER OF FACTORS, INCLUDING, WITHOUT LIMITATION, THE
TAX-FREE NATURE OF THE MERGER, THE EFFECT OF WAR OR THE THREAT OF WAR AND THE
RECENT TERRORIST ATTACKS, GENERAL ECONOMIC AND REAL ESTATE CONDITIONS, THE
CYCLICALITY OF THE HOTEL BUSINESS, INCREASED SUPPLY AND WEAK DEMAND WHICH COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS OR THOSE
ANTICIPATED, INCREASES IN OPERATING COSTS RESULTING IN LOWER OPERATING MARGINS,
THE CONTINUED ABILITY OF PMC COMMERCIAL TO QUALIFY FOR TAXATION AS A REIT, AND
OTHER RISKS DETAILED FROM TIME TO TIME IN THE FILINGS OF PMC COMMERCIAL WITH THE
SECURITIES AND EXCHANGE COMMISSION ("SEC"), INCLUDING, WITHOUT LIMITATION, THE
RISKS DESCRIBED IN ITS FORM 10-K. PMC COMMERCIAL DISCLAIMS ANY INTENTION OR
OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
PMC COMMERCIAL FILES ANNUAL, QUARTERLY AND SPECIAL REPORTS, PROXY STATEMENTS AND
OTHER INFORMATION WITH THE SEC. YOU MAY READ AND COPY ANY REPORTS, STATEMENTS
OR OTHER INFORMATION FILED BY PMC COMMERCIAL WITH THE SEC. THESE DOCUMENTS WILL
BE AVAILABLE FREE OF CHARGE AT THE SEC'S WEBSITE (http://www.sec.gov/ ) OR BY
DIRECTING A REQUEST WHEN SUCH A FILING IS MADE TO PMC COMMERCIAL TRUST, 17950
PRESTON ROAD, SUITE 600, DALLAS, TEXAS 75252, ATTN: INVESTOR RELATIONS,
TELEPHONE (972) 349-3235.
DATASOURCE: PMC Commercial Trust; PMC Capital,Inc.
CONTACT: Investor Relations of PMC Commercial Trust and PMC Capital,
Inc., +1-972-349-3235
Web site: http://www.sec.gov/