Southern Community Acquisition APPROVED and 2 Stocks Riding 52-Week Highs
Caplease Funding Inc (NYSE:LSE) announced that entered into a build-to-suit arrangement for the construction of a state-of-the-art 311,730 square foot distribution warehouse located in Ashland, Virginia, near Richmond, for Vitamin Shoppe Industries. The Company entered into a 15 year net lease that is to begin when construction is complete. The Company has acquired the nearly 43 acre land site, and entered into a development agreement with a large Southeast based developer. Construction should begin immediately and be finished during the early part of the Q2 of FY13. After completion, the Company’s total investment is expected to be approximately $20 million and its average capitalization rate will be about 8 percent over the 15 year lease term. The shares closed at $4.94, up $0.04 or 0.82% on the day. They have traded in a 52-week range of $3.06 to $4.95.
Nationstar Mortgage (NYSE:NSM) announced that its wholly-owned subsidiaries Nationstar Mortgage and Nationstar Capital have successfully completed the solicitation of consents to amend the indenture dated as of March 26, 2010, as further supplemented from holders of record at 5:00 p.m., New York City time, on August 23 of the Issuers’ 10.875 percent Senior Notes due in 2015, CUSIP 63860U AB6. The consent solicitation expired at 5:00 p.m., New York City time, on August 31, and holders of the Notes who validly gave their consent before the Expiration Date and did not revoke their consent before the execution of the supplemental indenture to the Indenture will receive a consent fee of $30 for each $1,000 principal amount of Notes for which consent was validly delivered and not validly revoked. The Issuers expect to pay the consent fee on September 5. The shares closed at $28.76, up $1.64 or 6.05% on the day. They have traded in a 52-week range of $13.00 to $28.75.
Southern Community (NASDAQ:SCMF) announced that the Board of Governors of the Federal Reserve System approved the acquisition of Southern Community by Capital Bank Financial, previously named North American Financial Holdings, a North Carolina-based national bank holding company. Completion of the transaction is subject to the approval of Southern Community’s shareholders along with other customary closing conditions. If approved by the shareholders at the Special Meeting that is scheduled for September 19, the transaction should be consummated shortly after. The shares closed at $3.20, up $0.03 or 0.95% on the day. They have traded in a 52-week range of $1.00 to $3.23.
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