SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 30, 1998
CLARION COMMERCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction
of incorporation)
001-14167
(Commission File
Number)
13-398895
(I.R.S. Employer
Identification Number)
335 Madison Avenue, New York, New York 10017
(Address of principal executive offices including
zip code)
(212) 883-2500
(Registrant's telephone number
including area code)
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2
Item 5. Other Events
On June 30, 1998, Clarion Commercial Holdings, Inc.("Clarion")
announced Clarion's decision to initiate a program to repurchase shares of its
Common Stock, par value $.001 per share. The news release announcing the
repurchase program, dated June 30, 1998, is incorporated by reference herein,
and is attached and filed herewith as Exhibit 99.3.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed as part of this report:
(99.3) News release of Clarion Commercial Holdings, Inc.
dated June 30, 1998.
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3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CLARION COMMERCIAL HOLDINGS, INC.
(Registrant)
Date: July 7, 1998 By: /s/ Daniel Heflin
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Daniel Heflin
Chief Executive Officer
and President
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99.3 The news release of Clarion Commercial Holdings, Inc.
dated June 30, 1998.
Exhibit 99.3
Contact: Joanne Vitale
212-883-2536
CLARION COMMERCIAL HOLDINGS, INC.
AUTHORIZES STOCK REPURCHASE PROGRAM
NEW YORK, June 30, 1998 - Clarion Commercial Holdings, Inc. (NYSE: CLR) today
announced that its Board of Directors has authorized the repurchase of up to
400,000 shares of the Company's Class A Common Stock. The purchases will be made
from time to time in the open market or in privately negotiated transactions.
The program will continue until the Company acquires the 400,000 shares or until
June 30, 1999.
According to Daniel Heflin, President and CEO of Clarion Commercial Holdings,
the Board's decision to initiate the repurchase program is in response to the
strong relative value currently represented by the Company's stock. "In
assessing investment alternatives, our first consideration is potential growth
in shareholder value," said Mr. Heflin. "We believe that our common stock, at
recent levels, represents an excellent buying opportunity for the Company."
Clarion Commercial Holdings raised $100 million in capital in an initial
offering completed on June 2, 1998 and paid a $.14 dividend for the 29 day
period ending June 30, 1998. To date, the Company has acquired approximately
$240 million in commercial real estate-related assets and does not have any
exposure to the single family mortgage sector, which recently has experienced
prepayment-related volatility.
Clarion Commercial Holdings, Inc. is a specialty finance company that
specializes in commercial real estate investments. The Company is managed by
Clarion Capital, LLC, who together with its affiliates, manages more than $6
billion of real estate investments and has more than 350 employees in 20 offices
nationwide.
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