LTC PROPERTIES EXHIBIT 99.1
Published on March 19, 2004
Exhibit 99.1
LTC Announces Amendment to Termination Date of Stockholder Rights Plan
MALIBU, Calif.--(BUSINESS WIRE)--March 19, 2004--LTC Properties,
Inc. (NYSE:LTC) announced today that its Board of Directors has
approved an amendment to the Company's Stockholder Rights Plan (the
"Plan") to change its expiration date from May 24, 2010 to April 1,
2004. The Plan provided for an equivalent price per share of common
stock of $16.00.
The Company announced the adoption of the Plan on May 3, 2000 when
the closing price of the Company's common stock on that day was
$5.6875. The Board's action in adopting the Plan in May 2000 was as a
protection to stockholder value when the common stock was trading at,
in the Company's view, a very significant discount to value. The
Board's action in accelerating the expiration date is not in response
to any offers to acquire the Company.
The Company is a self-administered real estate investment trust
that invests primarily in long-term care and other health care related
facilities through mortgage loans, facility lease transactions and
other investments. For more information on LTC Properties, Inc., visit
the Company's website at www.ltcproperties.com.
This press release includes statements that are not purely
historical and are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's expectations, beliefs, intentions
or strategies regarding the future. All statements other than
historical facts contained in this press release are forward-looking
statements. These forward-looking statements involve a number of risks
and uncertainties. All forward-looking statements included in this
press release are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update such
forward-looking statements. Although the Company's management believes
that the assumptions and expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. The actual
results achieved by the Company may differ materially from any
forward-looking statements due to the risks and uncertainties of such
statements.
CONTACT: LTC Properties, Inc.
Andre C. Dimitriadis/Wendy L. Simpson, 805-981-8655