Roberts Realty Investors, Inc. Amends Articles of Incorporation
ATLANTA, July 21 /PRNewswire-FirstCall/ -- Roberts Realty Investors, Inc. (AMEX:RPI) announced at the 2004 annual shareholders meeting held today, that
its shareholders overwhelmingly approved an amendment to its articles of
incorporation that will permit Charles S. Roberts, the company's Chairman of
the Board of Directors, President and Chief Executive Officer, to own up to 35%
of its outstanding shares. The company's ownership limitations are designed to
meet one of the requirements for preserving its status as a real estate
investment trust for tax purposes.
Mr. Roberts stated: "I am extremely gratified that holders of more than
three-quarters of our outstanding shares voted to allow me to increase my
ownership stake in the company. I strongly believe in our company's future,
and I will continue to work hard for our shareholders, the majority of whom
have been loyal long-term investors." The amendment increases the stock ownership limitation of Charles S. Roberts
from 25% to 35% of the outstanding shares of common stock and decreases the
stock ownership limitation for all other shareholders from 6% to 3.7% of the
outstanding shares of common stock. Although the amendment prohibits any
shareholder who now beneficially owns more than 3.7% of the company's
outstanding common shares from increasing that ownership in the future, the
shareholder can retain indefinitely the shares the shareholder now owns, as
well as exchange for shares of common stock any units of limited partnership
interest in Roberts Properties Residential, L.P. the shareholder now owns.
This press release contains forward-looking statements within the meaning of
the securities laws. Although the company believes the expectations reflected
in the forward-looking statements are based on reasonable assumptions, actual
results could differ materially from those anticipated in the forward-looking
statements. Certain factors that might cause such a difference include, but
are not limited to, the inability of Mr. Roberts to increase his ownership as
he anticipates due to the relatively low trading volume of the company's common
shares. DATASOURCE: Roberts Realty Investors, Inc.
CONTACT: Greg M. Burnett, Chief Financial Officer of Roberts Realty Investors, Inc., +1-770-394-6000, or Fax, +1-770-551-5914
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