SANTA MONICA, Calif.--(BUSINESS WIRE)--SouthCorp Capital, Inc. (OTCQB: STHC) announced today the Company’s Board of Directors has voted to issue a dividend and the sale of its initial property.
Dividend: The dividend will be $.00008 per share. The record date will be August 15, 2014.
The dividend reflects the proceeds from the sale of properties owned by the Company during the month of July. The Company intends to continue to distribute cash dividends to its shareholders. The Company is not a REIT under tax law but intends to operate as a REIT thereby distributing up to 80% of the profits from its properties to our shareholders.
For those shareholders who own shares in a brokerage account, the Company will be wiring the dividend payment directly to Depository Trust Corporation or DTC. DTC will allocate and deposit the aggregate dividend payment among the various brokerage firms for payment to the shareholder’s individual account. If shareholders have any questions please feel free to contact us at firstname.lastname@example.org
Sale of Initial Property: In July 2014, Company agreed to sell its property located at 602 Wagner Street in Fort Wayne, Indiana for $35,000. The Company’s costs related to the property where approximately $10,000.
Share Structure: The Company has 249,057,315 shares outstanding of which W+B Partners, Joseph Wade and Matt Billington own collectively 231,444,001 shares. Of these shares 211,444,001 shares are restricted for 10 years and cannot be resold into the public until 2024. The Company has 29,051,699 free trading shares of which approximately 27,000,000 are owned by Joseph Wade and Matt Billington. However only 102,259 had been deposited with brokers and available to be purchased on the open market. The Company’s officers have each agreed to sell up to 1% of the total outstanding share count over the next 3 months from their personally owned shares. As officers/directors of the Company they are limited to the selling of 1% of the outstanding share count during any rolling 90-day window. As such, the Company has a current trading float of approximately 5,000,000 shares. The officers have agreed to reinvest at least 50% of the proceeds of the sale of their stock back into the Company to allow the Company to purchase additional properties. The intent of the officer selling their own shares and reinvesting at least 50% of the capital back into the Company is to allow us to provide capital to grow the Company without the need to issue additional shares to finance that growth.
About SouthCorp Capital. Southcorp Capital, Inc. is a Delaware corporation. The Company focus is on the acquisition and renovation of single-family and multi-family properties in the U.S. with the intent of reselling the property after renovations have occurred. Our real estate investments are expected to focus properties undervalued and/or in need of some repairs.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
|SouthCorp Capital, Inc.|