8-K
filed August 3, 2023, 7:59 PM ET
ticker FREVS
CIK 0000036840
other material
confidence high
sentiment neutral
materiality 0.70
FREIT adopts stockholder rights plan with 10% trigger in response to Kushner interest
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.
- Board adopted a rights plan (poison pill) with 10% beneficial ownership threshold; rights expire July 31, 2026.
- Rights become exercisable if any person acquires 10% or more of FREIT common stock; then holders (excluding acquirer) can purchase shares at 50% discount.
- Plan adopted in response to unsolicited non-binding expression of interest from K Corp Acquisitions LLC, a Kushner company.
- Ongoing litigation with Sinatra LLC (Kushner) over abandoned January 2020 asset purchase agreement; board seeks to resolve claims before considering any transaction.
- Dividend of one preferred stock purchase right per share declared; record date August 11, 2023.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.: Adopted Articles Supplementary establishing Series A Junior Participating Cumulative Preferred Stock (effective 2023-08-03).
- Change
- charter amendment
- Effective
- 2023-08-03
Exact text from the filing
In connection with the adoption of the Rights Agreement described in Item 1.01 above, the Board of Directors of the Company approved Articles Supplementary of Series A Junior Participating Cumulative Preferred Stock (the “Articles Supplementary”). The Articles Supplementary was filed with the Department of Assessments and Taxation of the State of Maryland on August 3, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. entered into Stockholder Rights Agreement with Computershare Trust Company, N.A. (effective 2023-07-31).
- Action
- entry
- Counterparty
- Computershare Trust Company, N.A.
- Effective
- 2023-07-31
Exact text from the filing
On July 28, 2023, the Board of Directors of First Real Estate Investment Trust of New Jersey, Inc. (the “Company”) adopted a stockholder rights plan, as set forth in the Stockholder Rights Agreement, dated July 31, 2023, between the Company and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agreement”).
View on SEC.gov
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