ACPT Shareholders Approve Merger
December 22 2009 - 4:30PM
PR Newswire (US)
ST. CHARLES, Md., Dec. 22 /PRNewswire/ -- American Community
Properties Trust ("the Company") (NYSE Amex: APO) announced that
the Company's shareholders voted to approve the previously
announced merger between the Company and FCP/ACPT Acquisition
Company, Inc., a wholly-owned subsidiary of FCP Fund I, L.P. The
announcement was made following a Special Meeting of the Company's
shareholders held today, where a quorum was present. Holders of
approximately 77.1% of the Company's outstanding common shares
voted in favor of the merger. Additionally, shareholders voted to
approve an amendment to the Company's Amended and Restated
Declaration of Trust, suspending the requirement that the Company
make a minimum distribution to its shareholders in connection with
net taxable income that is allocable to shareholders. The amendment
makes the requirement inapplicable to the fiscal year ending
December 31, 2009, and in subsequent years. Holders of
approximately 77.1% of the Company's outstanding common shares
voted in favor of the amendment. As a sufficient number of votes
were cast in favor of the merger and the Declaration of Trust
amendment, no further solicitation of proxies was required. The
merger is expected to close by December 31, 2009, subject to
satisfaction of various other closing conditions, including,
without limitation, receipt of all third party consents that are
required under the merger agreement. About American Community
Properties Trust The Company is a diversified real estate
organization with operations in Maryland and Puerto Rico that
specializes in community development, homebuilding, investment in
rental properties, and asset management services. The Company is
currently listed on the NYSE Amex under the symbol APO. Further
information about the Company is available on the Internet at
http://www.acptrust.com/. DATASOURCE: American Community Properties
Trust CONTACT: Craig Renner of the American Community Properties
Trust, +1-301-843-8600 Web Site: http://www.acptrust.com/
Copyright