Company also announces delisting of its 7.75% Series A Cumulative
Redeemable Preferred Stock
American Land Lease, Inc. (“ANL”) today announced that a record date and
a special meeting date have been established for ANL’s common
stockholders to consider and vote on the proposal to adopt the
previously announced agreement and plan of merger with, among others, an
affiliate of Green Courte Partners, LLC, a Chicago-based private equity
investment firm (such affiliate, “Green Courte Partners”), and approval
of the merger of Green Courte Partners and ANL.
ANL common stockholders of record as of the close of business on
February 23, 2009 are entitled to notice of the special meeting and to
vote on the adoption of the merger agreement and approval of the merger.
The special meeting is scheduled to be held on Monday, March 16, 2009 at
9:00 a.m., Chicago time. The definitive proxy statement for the special
meeting has been filed with the Securities and Exchange Commission
(“SEC”) and is first being mailed to stockholders on February 24, 2009.
As a result of the consummation of the previously announced cash tender
offer by Green Courte Partners for shares of ANL’s common stock, Green
Courte Partners owns and has the right to vote a sufficient number of
outstanding shares such that approval of the merger at the special
meeting is assured without the affirmative vote of any other
stockholder. The merger is expected to close promptly following the
special meeting.
ANL also announced today that it has provided written notice to the New
York Stock Exchange (the “NYSE”) of its intent to voluntarily delist its
7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A
Preferred Stock”) from the NYSE, effective March 16, 2009. ANL intends
to effect the delisting by filing a Form 25 with the SEC on or about
March 6, 2009. ANL intends to terminate its registration and reporting
obligations under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), by filing a Form 15 with the SEC promptly following the
completion of the merger to deregister and terminate its reporting
obligations with respect to its common stock and Series A Preferred
Stock under the Exchange Act.
About ANL
American Land Lease, Inc. is a Clearwater, Florida-based real estate
investment trust that owns, develops and manages residential land lease
communities primarily serving active adults. With over 10,000 home sites
in 30 communities located primarily in Florida, Arizona and Alabama, ANL
is committed to providing affordable, free-spirited retirement living
for active adults. For more information, visit www.americanlandlease.com.
Forward-looking statements
This press release includes certain forward-looking statements. Any such
forward-looking statements may involve risk and uncertainties. These
forward-looking statements appear throughout the press release and
include statements regarding the intent, belief or current expectations
of American Land Lease, Inc., including statements concerning American
Land Lease, Inc.’s expectation regarding the closing of the merger and
its intent to delist its preferred stock from the NYSE and deregister
its common stock and Series A Preferred Stock with the SEC. Such
forward-looking statements are not guarantees of future performance or
events and involve risks and uncertainties. Actual results may differ
materially from those described in such forward-looking statements as a
result of various factors. Many of the factors that will determine the
outcome of the subject matter of this press release are beyond the
ability of American Land Lease, Inc. to control or predict. American
Land Lease, Inc. has no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events or
otherwise.
American Land Lease, Inc.
Shannon E. Smith, Chief Financial
Officer, 727-726-8868
