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Corrections Corporation of America Message Board

  • ijfeif ijfeif May 12, 1999 12:08 AM Flag

    Isn't this stock going to double?

    Am I missing something here? The dividend yield
    would make one think that PZN is going bankrupt. As I
    peruse the financial statements and look at their
    guaranteed contracts, it takes no genius to know that PZN
    will be as much of a going concern as HOT (remember
    HOT doesn't have guaranteed hotel guests)or any other
    cash-rich-dividend-yielding reit........that is unless Im missing


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    • Form S-3, filed May 7. The REIT filed 10 million
      common shares pursuant
      to the company's dividend
      reinvestment and stock purchase plan. Prison
      Realty said
      shares under the plan will be offered at a discount
      between 0% and 5%. Persons wishing to partake in
      the plan may make
      monthly cash purchases of stock
      of between $50 and $5,000. First-time
      must invest a minimum of $1,000 in the company's
      common stock.
      Boston EquiServe LP will serve as
      administrator of the plan.

      • 1 Reply to r7ualj
      • Prison Realty Expands Board; Directors Include
        Former State Governor

        NASHVILLE, Tenn., May 13
        /PRNewswire/ -- Prison Realty Trust shareholders today
        expanded its board of directors to include former
        Tennessee Governor Ned Ray McWherter.

        Elected to
        three-year terms were D. Robert Crants, president of Prison
        Realty Trust; John W. Eakin, Jr., former executive with
        Highwoods Properties, Inc.; Ted Feldman, chief operating
        officer of StaffMark, Inc.; Jackson W. Moore, president
        and chief operating officer of Union Planters
        Corporation; Jean-Pierre Cuny, senior vice president of The
        Sodexho Group; and Ned Ray McWherter, chairman of the
        board of directors of Volunteer Distributing Company,
        Inc., and Eagle Distributors, Inc.

        "We are
        honored that Governor McWherter has agreed to serve on
        our board. As one of Tennessee's most respected
        elected officials, this governor took a rare and positive
        political stance, in regard to criminal justice while in
        office," said Doctor R. Crants, chairman and CEO. "Under
        Governor McWherter's leadership, the state proactively
        addressed its corrections needs by removing itself from
        under a federal court order, as well as successfully
        completing a prison construction program that was able to
        meet the existing and projected needs for secure
        prison beds. Governor McWherter's knowledge and
        experience should prove invaluable to the

        Prison Realty's business is the ownership of
        correctional and detention facilities. The Company provides
        financing, design, construction and renovation of new and
        existing jails and prisons that it leases to both private
        and governmental managers. Prison Realty currently
        owns 50 correctional and detention facilities in 17
        states, the District of Columbia and the United Kingdom
        having a total design capacity in excess of 49,000 beds,
        of which 11 new facilities are under construction.
        Prison Realty Trust is based in Nashville, Tennessee and
        plans to qualify as a real estate investment trust
        under the Internal Revenue Code.

        A private
        prison management company and two other private
        management companies formed in conjunction with the merger
        now operate under the name of Corrections Corporation
        of America to provide management services to
        governments under contracts for 81 correctional and detention
        facilities with a total design capacity of 71,851 beds, of
        which 67 facilities with a total design capacity of
        50,005 beds are in operation.

        SOURCE Prison
        Realty Trust

        CO: Prison Realty Trust


        IN: CST

        SU: PER

        05/13/99 14:13 EDT

32.8935+0.5335(+1.65%)2:56 PMEDT