DALLAS, June 29, 1999 (PRIMEZONE) -- Transcontinental Realty Investors Inc. (NYSE:TCI) Tuesday 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 15, 1999.
In a related special meeting of Continental Mortgage & Equity Trust, CMETS shareholders approved the merger of the two REITS today by a vote of 67 percent of the REIT's outstanding shares. The merger is expected to close by the end of July 1999.
Transcontinental Realty Investors Inc., and Continental Mortgage and Equity Trust are Dallas-based real estate investment trusts that operate nationwide.