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UPDATE: AmeriVest Plans to Liquidate

DENVER-The company estimates that liquidating distributions will be paid throughout six to 24 months. Stockholders could receive between $4.20 and $4.80 per share in total distributions.

By John Rebchook | Updated on February 13, 2006

(To read more on the debt and equity markets, click here.)

DENVER-AmeriVest Properties Inc., a small office REIT, plans to liquidate its dozen office buildings that cater to small- and medium-sized tenants. Several large shareholders, including the company’s largest investor, have called on the company to liquidate in recent months.

Company execs, in a SEC filing on Friday, said the company’s board approved a plan of liquidation for the company. The plan is subject to approval by the company’s stockholders holding a majority of the company’s outstanding shares of common stock. The company expects to present the plan for approval as soon as reasonably practicable, which could be at the its annual meeting.

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