CLARION COMMERCIAL HOLDINGS, INC.
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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):
November 17, 1999
CLARION COMMERCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation)
Commission File Number: 1-14167
13-3988895
(IRS Employer Identification Number)
335 Madison Avenue, New York, New York 10017
(Address of principal executive offices including zip code)
(Registrant's telephone number including area code): (212) 883-2500
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Item 5. Other Events
On November 17, 1999, the Board of Directors of Clarion Commercial
Holdings, Inc. ("Clarion") passed a resolution authorizing Clarion to extend its
program to repurchase shares of its Common Stock, par value $.001 per share. The
news release announcing the extension of the repurchase program, dated November
24, 1999, is incorporated by reference herein, and is attached and filed
herewith as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed as part of this report:
(99.1) News release of Clarion Commercial Holdings, Inc. dated
November 24, 1999.
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: November 24, 1999 By: /s/ Daniel Heflin
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Daniel Heflin
Chief Executive Officer and President
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EXHIBIT INDEX
Exhibit
Number Description
99.1 The news release of Clarion Commercial Holdings, Inc. dated November 23,
1999.
<PAGE>
Exhibit 99.1
CLARION COMMERCIAL HOLDINGS, INC.
AUTHORIZES STOCK REPURCHASE PROGRAM
NEW YORK, November 24, 1999 - 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. This authorization is
in addition to the initial 800,000 shares authorized last year. 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 September 30, 2000.
Under the previous program, Clarion has repurchased approximately 740,000 shares
of the Company's Class A Common Stock at an average price of $9.70.
Clarion Commercial Holdings, Inc. is a specialty finance company that
specializes in commercial real estate investments. The Company is managed by
Clarion Capital, LLC, a New York based investment advisor.
