Seritage surges on sale plan

Seritage Growth Properties

08/07/2022 16:02

** Seritage Growth Properties  SRG.N  shares up 64.86% at
$10.02; on track for biggest one-day pct gain since stock debut
in 2015
    ** SRG announced late Thurs that Board of Trustees
recommended co shareholders vote at annual meeting to approve
plan to "sell all of the Company’s assets, distribute the net
proceeds to shareholders and dissolve the Company"  urn:newsml:reuters.com:*:nFWN2YO3KI
    ** Vote to approve plan requires at least 2/3 of all
outstanding shares in affirmative; former Chairman Edward
Lampert has agreed to exchange equity interest in SRG's
operating partnership, Seritage Growth Properties, L.P., for
Class A common shares and vote his shares in favor of sale
    ** SRG shares hit session high of $10.04, highest since May
10; shares still well below 200-day MA of $11.57
    ** Trading volume on Fri of 36,268,710 shares is about 36X
10-day avg of 894,135







 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))