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BRIEF-Acre Realty Investors announces board approval of dissolution
June 27, 2017 / 6:08 PM / 2 months ago

BRIEF-Acre Realty Investors announces board approval of dissolution

June 27 (Reuters) - Acre Realty Investors Inc:

* Acre Realty Investors Inc announces board approval of dissolution

* Company's dissolution was unanimously approved by board of directors but is subject to shareholder approval

* If approved by company's shareholders, company intends to file notice of intent to dissolve with Georgia Secretary of State

* Intends to liquidate assets, make adequate provision for all of existing and foreseeable debts, liabilities and obligations

* Board determined it is in best interests of co's shareholders for co to dissolve, liquidate, distribute to shareholders available assets

* As of June 27 had one remaining land asset known as Highway 20 property which is under contract to be sold for $4.7 million​

* Company will file prescribed proxy materials with securities and exchange commission in advance of special meeting

* Intends to present the proposal to its shareholders at a special meeting of shareholders

* Company expects to distribute remaining amount of such assets after payment of all of its current and anticipated operating expenses

* As of may 31, 2017, in addition to highway 20 property, company had cash and cash equivalents of $15.2 million

* Expects NYSE will take immediate action to suspend trading in Co's common stock on NYSE market exchange after closing of sale of Highway 20 property Source text for Eikon: Further company coverage:

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