- Prospectus filed pursuant to Rule 424(b)(3) (424B3)
02/02/2010 7:26pm
Edgar (US Regulatory)
Filed
Pursuant to Rule 424(b)(3)
Registration No.
333-154831
AMERICAN
CHURCH MORTGAGE COMPANY
SUPPLEMENT
NO. 1 DATED FEBRUARY 2, 2010
TO
THE PROSPECTUS DATED JANUARY 7, 2010
This document supplements, and should
be read in conjunction with, our prospectus dated January 7, 2010 relating
to our offering of $20,000,000 worth of Series C Secured Investor
Certificates. Unless otherwise defined in this Supplement No. 1,
capitalized terms used have the same meanings as set forth in the
prospectus. The purpose of this Supplement No. 1 is to disclose
information regarding the Company’s recently authorized stock repurchase
program.
The following information should be
read in conjunction with the discussion contained in the “General” subsection of
the “Plan of Distribution” section beginning on page 70 of the
prospectus:
Our Board of Directors has approved a
stock repurchase program (the “Program”) which permits, subject to the terms and
conditions described below, shareholders of the Company to submit shares of our
common stock in exchange for the Series C Secured Investor
Certificates.
The
Program offers to shareholders an exchange of one $1,000 principal amount Series
C Secured Investor Certificate for each 200 shares submitted (a $5.00 per share
conversion ratio). In order to participate, shareholders are required
to submit all shares that they own, directly or indirectly, to us; odd-lots
above each 200 shares submitted will be exchanged for $5.00 cash for each
odd-lot share or portion thereof. To qualify for participation, a
shareholder must submit a minimum of 200 shares; shareholders owning fewer
shares are not eligible to participate. The Program will be
administered on a first-come, first-served basis. The prospectus,
including any amendments and/or supplements thereto, will be provided to
shareholders interested in participating (and to any shareholder upon
request). Shareholders will be permitted to withdraw from the Program
at any time before their shares have been redeemed. The Program will
be offered on an ongoing basis, but, unless increased or decreased in the
discretion of the Board, the Program is limited to 500,000 shares ($2.5 million
worth of certificates). The Board is permitted to terminate the
program at any time on 10 days’ prior notice to shareholders. All
other modifications to the terms and conditions of the Program are subject to
Board discretion, which modification(s) will affect only those shares
subsequently offered for exchange.