Key Developments For Advocat, Inc.
Advocat, Inc. (AVCA.O) (Consolidated Issue listed on NASDAQ Capital Market)
Advocat Inc. Declares Dividend
Advocat Inc. announced that it has declared a fourth quarter dividend of $0.05 per share and will be paid in January 2010 to shareholders of record on December 31, 2009.
Advocat Inc. Commences $0.05 Quarterly Dividend
Advocat Inc. announced that its Board of Directors has approved the payment of a $0.05 per share dividend commencing with the quarter ended June 30, 2009. The cash dividend is payable on August 30 to stockholders of record on August 17, 2009. The third quarter dividend will be payable in October to stockholders of record on September 30, 2009.
Advocat Inc. Announces Agreement For Replacement Facility
Advocat Inc. announced that it has entered into an agreement with Sterling Acquisition Corp., a wholly-owned subsidiary of Omega Healthcare Investors, to build and lease a new, 119 bed skilled nursing center in Paris, Texas, replacing an older facility the Company currently leases from Omega.
Advocat Inc. Closes Acquisition of Seven Facility Leaseholds
Advocat Inc. announced that it has closed the acquisition of the leasehold interests and operations of seven skilled nursing facilities from Senior Management Services of America North Texas, Inc. (SMSA). The purchase price is approximately $10.1 million, including approximately $8.6 million in cash, the assumption of certain liabilities and estimated transaction costs.
Advocat Inc. Withdraws Prior FY 2007 Guidance-Conference Call
Advocat Inc. announced that its previously issued guidance for fiscal 2007 does not include the projected impact of the announced acquisition of the lease holds on seven skilled nursing centers in Texas. Because of this transaction and only because of this transaction, the Company is withdrawing its previous guidance for fiscal 2007.
