Apple REIT Nine
The company amended the program that allows its shareholders to redeem their shares. Apple REIT Nine will not redeem more than 5 percent of its units outstanding during any 12-month period. That’s an increase from the 3 percent that it previously would redeem. Shareholders must have held their shares for at least one year in order to redeem them and receive a payout from Apple REIT. Funding for the redemption of units will come exclusively from the net proceeds the company receives from its share option and dividend reinvestment program.
Apple REIT Ten
The newest of the Apple REIT funds and the only one still taking on new investors said it is changing the way its share redemption requests are prioritized in instances when it does not have sufficient funds to payout investors.
The company entered into a $30 million credit agreement with the Royal Bank of Scotland and RBS Securities that will provide it with revolving credit loans.
Genworth said it completed the sale of its Medicare supplement insurance business to Aetna Inc. for $276 million. The transaction included the sale of Genworth subsidiary Continental Life Insurance Company and American Continental Insurance Company.
James River Coal
Steelhead Partners, a Washington-based investment firm, sold 562,591 shares of its James River Coal holdings for a total of $4.21 million. Last week, Steelhead sold 35,000 shares for approximately $290,000. It still owns more than 3.5 million shares of JRC stock.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]