Stratus Properties board approves plan of complete liquidation and dissolution

Stratus Properties (STRS) announced that its Board of Directors has unanimously approved a plan of complete liquidation and dissolution following conclusion of the strategic review announced on March 11. The Plan provides that the company will be dissolved and will conduct an orderly sale of all or substantially all of the company’s assets and distribute the net proceeds to the company’s stockholders, subject to payment of or reasonable provision for the company’s liabilities and obligations. The Plan is subject to stockholder approval, and the company anticipates that the Plan will be submitted for stockholder approval at a future meeting of stockholders. Under the terms of the Plan, proceeds from asset sales will be distributed by the Company to stockholders in a series of distributions, in such amounts and at such times as determined by the Board in its discretion. The Board intends to make an initial distribution as soon as practicable after the effectiveness of the filing of the Certificate of Dissolution. If the company implements the Plan, the company expects to reduce general and administrative expenses accordingly. The timing and amount of any liquidating distributions are subject to a number of assumptions and will depend on many factors, including the timing and amount of proceeds realized from asset sales, the amount of liabilities and expenses ultimately incurred, tax matters and other contingencies, and the size and duration of any contingency reserve. Stratus estimates that aggregate net proceeds from the asset sales could result in total distributions to stockholders of $29.73-$37.69 per share.