Wilshire Enterprises, Inc. Board of Directors Approves Extraordinary Cash Distribution of $3.00 Per Share and Updates Status of
2006年5月5日 - 11:10PM
PRニュース・ワイアー (英語)
NEWARK, N.J., May 5 /PRNewswire-FirstCall/ -- Wilshire Enterprises,
Inc. ("Wilshire" or the "Company") (AMEX:WOC) announced today that
its Board of Directors has approved an extraordinary cash
distribution of $3.00 per share. The extraordinary cash
distribution, which totals approximately $23.8 million, will be
paid on June 29, 2006, to stockholders of record as of the close of
business on May 25, 2006. Sherry Wilzig Izak, Chairman, said, "In
October 2004 we presented to stockholders a strategy to increase
value by redeveloping or repositioning certain properties and
selling non-core assets. We believe that we have made excellent
progress against this plan, as reflected in our many public reports
and the increase in our liquid assets. "Yesterday we completed the
previously announced sale of the Wilshire Grand Hotel & Banquet
Facility for pre-tax proceeds of approximately $6.0 million,
including indebtedness paid to Wilshire. "However, our work is
still not complete. We have identified several properties in our
portfolio whose value we believe can be considerably and quickly
enhanced through relatively modest investments in renovation,
permitting and the like. We also believe the value of certain other
assets can be maximized most readily over the next few months
through individual sale transactions rather than as part of a
larger company transaction. "Therefore, our Board of Directors has
authorized management to pursue concentrating first on making
modest investments with the objective of improving certain of our
properties and pursuing certain individual transactions, followed
by an aggressive exploration of opportunities to sell or merge our
business. We cannot assure stockholders that we will be successful
in these efforts. Of course, no final determination regarding this
process will be made until all of our alternatives have been
carefully analyzed in concert with our investment banker, Friedman,
Billings, Ramsey & Co., Inc., as part of our continuing effort
to maximize stockholder value. "In connection with this process, we
have reviewed the financial resources that we believe we will need
to accomplish our remaining goals. We believe that the
extraordinary cash distribution that we are announcing today
strikes the right balance between delivering immediate value to our
stockholders and supporting the completion of the initiatives that
we expect may unlock additional value over the next few months. "We
are enormously pleased to provide our loyal stockholders with this
substantial tangible reward, which represents the initial fruit of
our hard work over the past few years to realize the Company's full
value." At March 31, 2006, the Company's cash and marketable
securities amounted to approximately $45.6 million. During 2006 the
Company anticipates paying income taxes of approximately $11.0
million primarily related to real estate transactions. Wilshire
also announced it was unable to reach final terms on the proposed
acquisition of the multi-family property called The Village at
Gateway Pavilions located in Avondale, Arizona which it had been
evaluating as part of a 1031 exchange transaction. The Company no
longer expects to complete this acquisition. FORWARD-LOOKING
STATEMENT: The non-historical statements (including the statements
regarding the Company's two step plan) in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to several risks and uncertainties that
could cause actual results to differ materially from such
statements. Such risks and uncertainties include uncertainties
inherent in any analysis of business transactions and combinations,
including the impact of market, economic and competitive conditions
on the Company and others, as well as other risks and uncertainties
disclosed in the Company's 2005 Form 10-K filed with the Securities
and Exchange Commission. Company Contact: Sherry Wilzig Izak,
Chairman, 201-420-2796 Agency Contact: Neil Berkman, Berkman
Associates, 310-826-50510 DATASOURCE: Wilshire Enterprises, Inc.
CONTACT: Company Contact - Sherry Wilzig Izak, Chairman,
+1-201-420- 2796; Agency Contact - Neil Berkman, Berkman
Associates, +1-310-826-5051
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