DALLAS, July 15, 1999 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE: TCI) Thursday announced that today's special shareholder meeting to vote approval of the merger of TCI and Continental Mortgage and Equity Trust was adjourned. A new meeting date was set for 10 a.m., Thursday, July 29, 1999.
In a related special meeting held June 29, 1999, shareholders of Continental Mortgage & Equity Trust (Nasdaq: CMETS) approved the merger of the two REITs by a vote of 75 percent of the REIT's outstanding shares.
In a previous announcement, Transcontinental Realty Investors set August 31, 1999, as the date of the annual meeting of shareholders. Shareholders of record as of July 26, 1999, will be eligible to vote to approve directors and the renewal of the advisory agreement with Basic Capital Management, Inc. The meeting will be held at 11 a.m. Central Time at the company's headquarters in Dallas.
Transcontinental Realty Investors, Inc. and Continental Mortgage and Equity Trust are Dallas-based real estate investment trusts that operate nationwide.