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RAI
Resource America, Inc.
FOR IMMEDIATE RELEASE
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Contact: Pamela Schreiber
Investor Relations
Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5005
(215) 546-5388 (facsimile)
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Resource America, Inc. Announces
Commencement of Dutch Auction
Philadelphia, PA-September 26, 2000- Resource America, Inc.(Nasdaq-REXI)(the
"Company") announced today that it has commenced a "Dutch Auction" tender offer
for up to 5 million shares, or approximately 21% of its outstanding common
stock. Under terms of the offer, the Company will invite shareholders to tender
their shares at prices specified by the tendering shareholders at a purchase
price not in excess of $11.00 nor less than $9.00 per share.
The tender offer is being commenced today, September 26, 2000 and will expire
at 12:00 midnight, Eastern Standard Time, on October 24, 2000, unless extended
by the Company.
Resource America, Inc. will select the lowest single per-share purchase price
that will allow it to buy 5 million shares or, if a lesser number of shares is
properly tendered, all shares that are properly tendered and not withdrawn. If
the offer is over-subscribed, Resource America, Inc. will purchase first from
shareholders owning fewer than 100 shares and tendering all of such shares at or
below the purchase price determined by the Company and then from all other
shareholders tendering at or below such purchase price on a pro rata basis. The
tender offer will not be conditioned on any minimum number of shares being
tendered.
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Neither the Company nor its Board of Directors is making any recommendation to
shareholders as to whether to tender or refrain from tendering their shares or
as to the purchase price on any tender. Each shareholder must make his or her
own decision whether to tender shares and, if so, how many shares and at what
price or prices shares should be tendered. The Company has been advised that
none of its directors or executive officers intends to tender any shares
pursuant to the offer. Friedman, Billings Ramsey and Co., Inc. will act as
Dealer Manager and D.F. King and Co., Inc. will act as Information Agent.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY
OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF RESOURCE AMERICA'S COMMON
STOCK. THE SOLICITATION OF OFFERS TO BUY RESOURCE AMERICA'S COMMON STOCK WILL
ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT
RESOURCE AMERICA WILL SEND TO ITS SHAREHOLDERS. SHAREHOLDERS SHOULD READ
CAREFULLY THE OFFER TO PURCHASE AND RELATED MATERIALS THAT THE COMPANY WILL BE
SENDING OUT SHORTLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING
VARIOUS TERMS AND CONDITIONS OF THE OFFER. SHAREHOLDERS CAN OBTAIN COPIES OF THE
OFFER TO PURCHASE AND RELATED MATERIALS AND OTHER DOCUMENTS FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION WITHOUT CHARGE AT THE SEC'S WEB SITE AT
WWW.SEC.GOV OR FROM OUR INFORMATION AGENT, D.F.KING AND CO. INC., AT 77 WATER
STREET, NEW YORK, N.Y. 10005, TELEPHONE: (800) 758-5880. SHAREHOLDERS ARE URGED
TO CAREFULLY READ THESE MATERIALS PRIOR TO MAKING ANY DECISION WITH RESPECT TO
THE OFFER.
Resource America, Inc. operates businesses in energy, energy technology, and
real estate finance.
Statements made in this release include forward-looking statements, which
involve substantial risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed or
implied in this release.
