Monmouth Capital Corporation Announces Private Placement of $5,370,000 of 8% Subordinated Convertible Debentures Due 2013
October 27 2003 - 3:50PM
PR Newswire (US)
Monmouth Capital Corporation Announces Private Placement of
$5,370,000 of 8% Subordinated Convertible Debentures Due 2013
FREEHOLD, N.J., Oct. 27 /PRNewswire-FirstCall/ -- Eugene W. Landy,
President of Monmouth Capital Corporation , today announced the
private placement of $5,370,000 of 8% Subordinated Convertible
Debentures due 2013. Dominick and Dominick, a New York Investment
Banking Firm, acted as the placement agent, and the New York law
firm of Thacher Proffitt & Wood acted as counsel for Monmouth
Capital Corporation. The Company was formed in 1961. In 2001, it
elected to operate as a real estate investment trust (REIT).
Monmouth Capital Corporation intends to use the funds raised
through this Private Placement to invest in real estate properties.
Management of Monmouth Capital Corporation is also involved in the
operation of two other publicly-owned REITs - United Mobile Homes,
Inc. (AMEX:UMH) which specializes in the ownership and operation of
manufactured home communities, and Monmouth Real Estate Investment
Corporation (NASDAQ:MNRTA) which specializes in industrial
properties leased to investment grade tenants on long-term net
leases. Monmouth Capital Corporation will be a non-specialized
REIT. Eugene W. Landy stated that there were operating efficiencies
and enhanced ability to employ capital in operating three separate
REITs. "There are many investment opportunities that come to our
attention that do not meet the specialized criteria of either
United Mobile Homes, Inc. or Monmouth Real Estate Investment
Corporation. We view Monmouth Capital Corporation as an
opportunistic real estate investor employing capital in any real
estate situation that management believes will be profitable in the
long term." DATASOURCE: Monmouth Capital Corporation CONTACT:
Rosemarie Faccone or Susan Jordan, both of Monmouth Capital
Corporation, +1-732-577-9997
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