Arizona Land Income Corp (AZL) Comments on Recent Stock Trading Activity
Arizona Land Income Corporation (AMEX: AZL) has noticed the recent run-up in the market price of its common stock and has no explanation for such increase.
Thomas R. Hislop, Chief Executive Officer and Chairman, notes that AZL is in the midst of a transaction with an affiliate of The Shidler Group whereby a newly created subsidiary of AZL would acquire interests in certain office properties in Honolulu, Phoenix and San Diego and AZL would change its name to "Pacific Office Properties Trust, Inc."
Mr. Hislop also noted that AZL recently declared a $1.00 per share nonrecurring dividend in lieu of regular quarterly dividends for the fourth quarter of 2006 and first quarter of 2007 and in anticipation of a change in the dividend policy of AZL following the consummation of the transaction contemplated with the affiliate of The Shidler Group. AZL anticipates that the new dividend policy may result in a smaller quarterly dividend in the near future.
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