SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND
Southmark Corp said it will issue its
shareholders a special dividend right to acquire 22 shares of
American Realty Trust <ARB> for each 100 shares of Southmark
they own.
    Each right entitles the holder to buy one share of
beneficial interest of American Realty Trust at a price of 3.75
dlrs per share, Southmark said.
    Southmark said the offer's record date is May 1, with an
ex-dividend date of April 27, adding that the it will issue the
rights to shareholders on May 6 and the offer will expire on
May 22.
    Southmark said it received the rights on April 6 as the
holder of about 84 pct of American Realty Trust's outstanding
shares.
    Holders of fewer than 455 Southmark shares who would
receive rights to acquire fewer than 100 American Realty shares
will be paid cash in lieu of the rights distribution, the
company said.
    Southmark said it will compute the cash price paid based on
the average closing market price of the rights on the American
Stock Exchange for the first ten days the rights are traded,
beginning April 6.
    In order to get the dividend for these rights a Southmark
shareholder must own common stock on the ex-dividend date,
April 27, the company said.
    After that, Southmark said its common stock will be traded
on an ex-rights basis.
 Reuter
