[LETTERHEAD]
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE:
WELLSFORD REAL PROPERTIES
APPROVES REVERSE STOCK SPLIT
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NEW YORK, June 9, 2000--Wellsford Real Properties, Inc. (AMEX: WRP) today
announced that the Company's shareholders have approved a reverse stock split
whereby every two outstanding shares of common stock and class A-1 common stock
will be converted into one share of outstanding common stock or class A-1 common
stock. The par value of both classes of stock will increase from $.01 per share
to $.02 per share and the number of authorized shares will be halved from
197,650,000 to 98,825,000 for common shares and from 350,000 to 175,000 for
class A-1 common shares. The reverse split will be effective for trading
beginning Monday, June 12, 2000. Resulting fractional shares will be redeemed in
cash.
The shareholders also approved the election of three nominated directors for
terms of three years:
Richard S. Frary, Martin Bernstein, and Meyer "Sandy" Frucher. Mr. Frary has
been a director of WRP since 1998. Mr. Bernstein and Mr. Frucher are new members
of the board.
In addition, the Company announced that Rodney F. Du Bois will relinquish his
operating responsibilities, including Chief Financial Officer. He will continue
as Vice-Chairman, concentrating primarily on strategic issues and initiatives.
Jeffrey H. Lynford, the Chairman of WRP, will assume the additional duties of
Chief Financial Officer.
Wellsford Real Properties is a real estate merchant banking firm headquartered
in New York City, which acquires, develops, finances and operates real
properties and organizes and invests in private and public real estate
companies.
Press Contact: Mark P. Cantaluppi
Vice President-Corporate Controller
& Director of Investor Relations
Wellsford Real Properties, Inc.
(212) 838-3400
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