First Real Estate Investment Trust of New Jersey (FREVS) Odd Lot Tender ($40 Gain)

Company: First Real Estate Investment Trust of New Jersey
Ticker: FREVS
Market Cap: ~$156mm
Size of Action: ~$2.3mm (1.5% of S/O)
Type of Transaction: Tender Offer with Odd-Lot Provision
Current Price: $22.58
Exchange Price: $23.00
Potential Gain (%): 1.9%
Expiration: Midnight March 20th, 2015
Tender Limit (Shares): 99
Max Investment ($): $2,235
Max Gain ($): $42
Sec Filing: Link
Summary: First Real Estate Investment Trust of New Jersey (FREVS) is buying 1.5% of its S/O for $23.00 per share. As of 2/17, the company has ~$22mm in cash to fund the tender offer. The Board of Trustees of FREIT has determined to commence the tender offer in order to provide liquidity to its shareholders.
Odd Lots: ....first, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares and do not properly withdraw them before the expiration date...
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