Chief Legal Officer
Resource America, Inc.
1521 Locust St. - 4th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Final Results Of Dutch Auction
Philadelphia, PA, October 31, 2021 - Resource America, Inc. (Nasdaq- REXI) today announced the final results of its "Dutch Auction" tender offer, which expired on October 24, 2000. Based on the final count by the depositary for the tender offer, 9,308,988 shares of common stock (excluding shares conditionally tendered where the condition was not satisfied) were properly tendered at $9.00 per share and not withdrawn. This tender is in excess of the 5,000,000 shares Resource had offered to purchase.
Resource exercised its right to purchase an additional 472,021 shares in the offer. Because the offer was oversubscribed at $9.00 per share, the amount Resource will purchase from each shareholder who tendered at that price (which includes shareholders who specified in their tenders that they would accept the price determined by the offer) will be pro-rated. Based upon the final count by the depositary, the pro-ration factor is 58.8%.
Resource commenced the tender offer on September 26, 2000, when it offered to purchase up to 5,000,000 shares of its common stock (plus, at its option, an additional 472,021 shares) at a price between $9.00 and $11.00 per share net to the seller in cash, without interest.
Resource currently has approximately 23.6 million shares issued and outstanding. Resource expects to have approximately 18.1 million shares issued and outstanding immediately following payment for the tendered shares.
Payment for those shares accepted, and the return all other shares tendered, will be made promptly.
The Dealer Manager for the tender offer was Friedman, Billings, Ramsey & Co., Inc. and the Information Agent was D.F. King & Co., Inc.
Resource America, Inc. operates businesses in energy, energy technology and real estate finance.