Woodbridge Holdings Corporation Announces Effectiveness of Reverse Stock Split
September 26 2008 - 4:01PM
Marketwired
Woodbridge Holdings Corporation (NYSE: WDG) announced that its
previously announced one-for-five reverse split of its common stock
was effected as of the close of business today, September 26, 2008.
Woodbridge effected the reverse stock split by filing Articles of
Amendment to its Articles of Incorporation with the Florida
Department of State.
As a result of the reverse stock split, each five shares of
Woodbridge's Class A Common Stock outstanding as of the close of
business automatically converted into one share of Class A Common
Stock, and each five shares of Woodbridge's Class B Common Stock
outstanding as of the close of business automatically converted
into one share of Class B Common Stock. No fractional shares will
be issued in connection with the reverse stock split. Instead, any
fractional share resulting from the reverse stock split will be
rounded up to the next largest whole share. Woodbridge's Class A
Common Stock will begin trading on the New York Stock Exchange on a
split-adjusted basis upon the opening of the market on Monday,
September 29, 2008, and will continue to be traded under its
current ticker symbol, "WDG."
The reverse stock split reduced the number of outstanding shares
of Woodbridge's Class A Common Stock from 95,197,445 to
approximately 19,039,489 (subject to rounding up of fractional
shares) and the number of outstanding shares of Woodbridge's Class
B Common Stock from 1,219,031 to 243,807. In addition, the number
of authorized shares of Woodbridge's common stock, the number of
shares of Class A Common Stock available for issuance under
Woodbridge's equity compensation plans and the number of shares of
Class A Common Stock underlying stock options and other exercisable
or convertible instruments were also ratably decreased in
connection with the reverse stock split.
The reverse stock split has no impact on shareholders'
proportionate equity interests or voting rights in Woodbridge or
the par value of Woodbridge's Class A Common Stock or Class B
Common Stock, which in each case will remain unchanged at $0.01 per
share. However, following the reverse stock split, the CUSIP number
of Woodbridge's Class A Common Stock is now 978842201.
American Stock Transfer and Trust Company, transfer agent for
Woodbridge's Class A Common Stock and exchange agent for the
reverse stock split, will promptly send registered shareholders a
letter of transmittal with instructions for the exchange of stock
certificates. Shareholders who hold shares in brokerage accounts
will be contacted by their brokers with instructions. Shareholders
should not destroy any stock certificates and should not submit any
certificates for exchange until requested to do so.
About Woodbridge Holdings Corporation
Woodbridge Holdings Corporation, directly and through its wholly
owned subsidiaries, seeks to invest opportunistically within and
outside the real estate industry. Historically, the Company's
operations were primarily within the real estate industry; however,
the Company's current business strategy includes the pursuit of
opportunistic investments and acquisitions within or outside of the
real estate industry, as well as the continued development of
master-planned communities. Under this business strategy, the
Company may not generate a constant earnings stream and the
composition of the Company's revenues may vary widely due to
factors inherent in a particular investment, including the maturity
of the business, market conditions and cyclicality. Net investment
gains and other income that may occur are to be driven by the
Company's strategic initiatives as well as overall market
conditions.
Core Communities, a wholly owned subsidiary, develops
master-planned total-living community environments throughout the
Southeastern United States, including its original and best known,
St. Lucie West. The company's 8,200-acre Tradition(TM) Florida
community is home to more than 1,700 families, vibrant commercial
areas and a 4.5-mile-long employment corridor. The community is
also home to the Florida Center for Innovation at Tradition (FCI)
Research Park, in which The Torrey Pines Institute for Molecular
Studies, Mann Research Center, Martin Memorial Health Systems and
Oregon Health & Science University's Vaccine and Gene Therapy
Institute have all announced plans to locate. Core is also
expanding its Tradition(TM) brand with Tradition(TM) Hilton Head,
an approximate 5,400-acre community planned to include 9,500
residences and 1.5 million square feet of commercial space, which
features a variety of neighborhoods and housing styles, shopping
and dining in Village Square, a Fitness Center & Spa and the
Tommy Fazio-designed Tradition National Golf Course.
Cypress Creek Capital Holdings, LLC, a wholly owned subsidiary,
is a real estate investment banking company. Cypress Creek
Capital's acquisition program focuses on existing commercial income
producing properties in Florida's growth markets. The company
targets office, retail and industrial real estate.
Snapper Creek Equity Management, LLC is a wholly-owned
subsidiary of Woodbridge Holdings Corporation focused on activities
related to investing in and acquiring mid-market diverse operating
businesses.
For further information, please visit our websites:
www.WoodbridgeHoldings.com
www.CoreCommunities.com
www.CypressCreekCapital.com
www.SnapperCreek.com
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Woodbridge Holdings Corporation Contact Information: Investor
Relations: Leo Hinkley SVP, Investor Relations Officer Phone: (954)
940-4995 Fax: (954) 940-5320 Email: Email Contact
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