JER Investors Trust Inc. Announces 1-for-10 Reverse Stock Split
13 Février 2009 - 11:26PM
PR Newswire (US)
MCLEAN, Va., Feb. 13 /PRNewswire-FirstCall/ -- JER Investors Trust
Inc. (NYSE:JRT) announced today that its Board of Directors has
approved a 1-for- 10 reverse split of JRT's common stock. The
reverse stock split is expected to be implemented before the
opening of the New York Stock Exchange on February 20, 2009. The
1-for-10 reverse split will convert 10 shares of JRT's common stock
into 1 share of its common stock. The par value of JRT common stock
will remain $0.01 per share. The reverse stock split affects all
issued and outstanding shares of JRT's common stock immediately
prior to the effectiveness of the reverse stock split. The reverse
stock split will reduce the number of shares of JRT's common stock
outstanding from approximately 49.9 million to approximately 5.0
million shares. JRT will not issue fractional shares as a result of
the reverse stock split. Those shareholders who would otherwise be
entitled to receive fractional shares because they hold a number of
shares not evenly divisible by 10 will be entitled to receive cash
in lieu of fractional shares that would otherwise be distributed to
them. Cash amounts in lieu of fractional shares will be determined
based on a value per new share equal to the split-adjusted closing
price of one share of JRT common stock on the New York Stock
Exchange on February 19, 2009. Registered stockholders will shortly
receive a letter explaining the steps and including the forms
required to obtain a new stock certificate evidencing their
post-split shares. If your shares are held through a bank, broker
or other nominee, and you have questions regarding the reverse
stock split, please contact such bank, broker or nominee, who will
also be responsible for communicating to you the notice of the
reverse stock split. About JER Investors Trust Inc. JER Investors
Trust Inc. is a New York Stock Exchange listed specialty finance
company that originates and acquires commercial real estate
structured finance products. JRT's target investments include
commercial mortgage backed securities, mezzanine loans, first
mortgage loan participations, B-Note participations in mortgage
loans, commercial mortgage loans and net leased real estate
investments. JER Investors Trust Inc. is organized and conducts its
operations so as to qualify as a REIT for federal income tax
purposes. For more information regarding JER Investors Trust Inc.
please visit http://www.jer.com/. Forward-Looking Statements: This
press release does not constitute an offer of any securities for
sale. Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward- looking statements. JER Investors Trust can give no
assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from JER Investors
Trust's expectations include, but are not limited to, changes in
the real estate and capital markets, our ability to source and fund
new investments and other risks detailed from time to time in JER
Investors Trust's SEC reports. Such forward-looking statements
speak only as of the date of this press release. JER Investors
Trust expressly disclaims any obligation to release publicly any
updates or revisions to any forward- looking statements contained
herein to reflect any change in JER Investors Trust's expectations
with regard thereto or change in events, conditions or
circumstances on which any statement is based. CONTACT: J. Michael
McGillis Chief Financial Officer JER Investors Trust Inc. (703)
714-8182 DATASOURCE: JER Investors Trust Inc. CONTACT: J. Michael
McGillis, Chief Financial Officer of JER Investors Trust Inc.,
+1-703-714-8182 Web site: http://www.jer.com/
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