June 14, 2010 by Post Team
Bank Atlantic:FORT LAUDERDALE, Florida, June 10, 2010 (BUSINESS WIRE) – BankAtlantic Bancorp, Inc. / quotes/comstock/13 *! BBX / quotes / nls / BBX (BBX 1.56, 0.07, 4.70%) (the “Company”) announced today that it has set a subscription price of $ 1.50 per share for their rights and announced offering of up to $ 25 million of its Class A common stock Early in the rights offering, the company will distribute the subscription rights is not transferable to purchase shares of its class a common stock to each holder of shares of Class A and Class B Common Stock at the close of business on June 14, 2010 The record date for rights offering. The number of subscription rights for distribution for each outstanding share of the class of the Company Common Stock and Class B ordinary shares is determined by the total number of shares outstanding at the close of business on the date of registration. The Company will not be a matter of fractional subscription rights, but the number of subscription rights for each shareholder is entitled will be rounded to the nearest whole number.
Each whole subscription right will entitle the holder to subscribe for a class action the company’s Common Stock at the subscription price of $ 1.50 per share. This is known as the basic subscription right. Rights holders who choose to exercise their basic subscription rights in full will also have a subscription option under which they may request to purchase on the same $ 1.50 per share subscription price, additional shares class of the company’s common shares remain discharged until after the expiration of the rights offering. Any over-subscription request will be subject to acceptance by the Company, the availability of the shares of the Class of the Company Common Shares after giving effect to any exercises in the basic subscription rights and allocation of the remaining shares from all holders of rights whose excess demand Applications are accepted by the Company. The Company may reject the over-subscription requests if it determines that the issuance of shares of Class A common stock at a right holder would jeopardize or limit the company’s ability to utilize its net operating losses available to offset future taxable income.
Alan B. Levan, company president and CEO, said: “While capital levels BankAtlantic March 31, 2010 exceeded” well capitalized “thresholds of capital, we believe it is prudent to raise additional capital at this time. The Board concluded that proceeding to a rights offering was desirable because it does not mean that many of the significant costs associated with an underwritten public offering and provides our shareholders the opportunity to participate on a pro rata basis and maintain its ownership position in our company. ”
The subscription rights will be exercisable until 5:00 pm, New York, on July 20, 2010, unless the company extends the rights offering. The Company reserves the right to cancel or terminate the rights offering at any time before maturity.
Rights offering materials, including a prospectus supplement (and accompanying base prospectus) and other elements necessary to exercise the subscription rights will be mailed on or about June 18, 2010 to eligible shareholders. The prospectus supplement (and accompanying base prospectus) will contain important information about the rights offering, and shareholders are urged to read these documents carefully when they become available. The shareholder questions about the rights offering may address the information agent for the rights offering, Georgeson Inc., at 199 Water Street, Floor 26, New York, New York 10038, telephone (888) 219-8320 for shareholders and (212) 440-9800 for banks and brokers.
This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state. When available, copies of the prospectus supplement (and accompanying base prospectus) relating to these securities may be obtained by contacting BankAtlantic Bancorp, Inc., Attn: Investor Relations, 2100 West Cypress Creek Road, Fort Lauderdale, Florida 33 309.
About BankAtlantic Bancorp:
BankAtlantic Bancorp / quotes/comstock/13 *! BBX / quotes / nls / BBX (BBX 1.56, 0.07, 4.70%) is a bank holding company and parent company of BankAtlantic.
BankAtlantic Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Through its extensive network of community branches, the online banking division – BankAtlantic.com, and conveniently located ATMs, BankAtlantic provides a full line of personal hygiene products, small business banking and commercial services. BankAtlantic is open 7 days a week with extended hours on weekdays, Free Online Banking & Bill Pay, a 7-Center Customer Service Day and counters change currencies.
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Cases discussed in this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve substantial risks and uncertainties, including but not limited to, the risk that because of business, economic or market conditions or any other reason at the discretion of BankAtlantic Bancorp, BankAtlantic Bancorp may decide not to implement the rights offer, the risk that the rights offering may not be consummated under the terms or at all, and the risk of share issues may affect the ability of BankAtlantic Bancorp to use its net operating losses available to offset future taxable income. In addition to risks and uncertainties identified above, reference is also made to other risks and uncertainties detailed in reports filed by BankAtlantic Bancorp with the Securities and Exchange Commission.
SOURCE: BankAtlantic Bancorp, Inc.
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