The group led by Loeb Partners Corp., a New York-based securities broker-dealer, has filed a joint disclosure with the Securities and Exchange Commission to propose alternative courses of action for the management and operation of the Boca Raton company.
Besides Loeb Partners Corp., entities in the group are Loeb Arbitrage Fund, an affiliated New York-based securities broker-dealer; Dr. George J. D'Angelo, a retired Pennsylvania physician as an individual; and Tampa-based GJD Partners L.P. and Value Equity Advisors Inc., two investment companies controlled by D'Angelo.
"At this time (March 13), the reporting persons do not seek to acquire control of the issuer," the group disclosed in the SEC filing.
Shareholders joining in the action disclosed they control an aggregate 719,926 shares of common stock, or about 16.8% of the 4,288,542 shares of Milestone Properties outstanding as of Nov. 9, 2000.
The shareholder action comes as the Boca Raton company last reported a net gain of $1.1 million, or 26 cents a share, on revenue of $11.1 million for the nine months ended Sept. 30, 2000, compared with a net loss of $943,883, or 22 cents a share, on revenue of $14 million for the same period in 1999.
Last year, the Boca Raton company controlled 10 fee-producing properties containing about 435,385 sf in improvements and 1.1 million sf of acreage underlying those improvements. The properties are described as shopping centers, strip malls and single tenant properties.
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