DALLAS, July 6, 2000 (PRIMEZONE) -- National Realty, L.P. (AMEX:NLP) Thursday announced the mini-tender offer for NLP units being made by Mackenzie Patterson Inc. at $3 per share, less distributions, is 74 percent below recent market closing prices. National Realty, L.P. units closed at $11.50 on July 3, 2000. National Realty recommends that its limited partners not participate in this mini-tender offer.
According to the Securities and Exchange Commission (SEC), mini-tender offers, which are for less than 5 percent of a company's stock, are not required to be registered with the SEC. The SEC recommends that investors scrutinize mini-tender offers carefully. These offers usually catch investors off guard, and investors later learn that they cannot withdraw from the offer and may end up selling their securities at below-market prices.
"Many share/unitholders and their brokers are unaware that the price offered in these mini-tenders is just a small fraction of the book value of these securities," said Phyllis Wolper, director of investor relations for National Realty, L.P. "We urge every shareholder/limited partner to confirm the current value of the security before agreeing to sell in these offers. In most cases, the holder would realize substantially more for their securities by selling in the open market," said Wolper.
National Realty, L.P. is a Dallas-based real estate investment partnership that operates across the United States. For more information, including the current unit price, go to the Investor Data section of its web site at www.nationalrealty-lp.com .
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