On June 22, 2005 the company approved a shareholder dividend in the form of common stock of Preferred Properties Real Estate, Inc., a wholly owned subsidiary and private company.
Shareholders will receive one share of Preferred Properties Real Estate, Inc. for every ten shares of Union Equity common stock owned. Odd lots will be rounded up.
The record date to receive the dividend is July 1, 2005. The additional shares of Preferred Properties Real Estate Inc. will be mailed to shareholders on July 8, 2005, which is also the payment date.
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