SITE Centers' Shares Rise on Plans for Special Distribution, De-Listing

Dow Jones10-16

Shares of SITE Centers rose after the company disclosed plans to pay out a $3.00 special distribution and delist from the New York Stock Exchange.

The stock surged 18% to $3.56 in after-hours trading on Thursday. Shares closed roughly flat at $3.01, and have fallen 53% this year.

The company also said Thursday that it had sold its interests in the Dividend Trust Portfolio joint venture for net proceeds of around $32.4 million. It did not disclose the purchaser.

SITE Centers plans to voluntarily de-list its shares from NYSE by Dec. 4 in anticipation of the special distribution, which it expects will cause its trading price and market capitalization to approach levels that would trigger involuntarily delisting.

The special distribution is payable on Nov. 5 to shareholders of record as of Oct. 27. Prior to the distribution, the company's shares will trade with "due bills" representing a right to receive the distribution.

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