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PW > SEC Filings for PW > Form 8-K on 28-Apr-2014All Recent SEC Filings

Show all filings for POWER REIT

Form 8-K for POWER REIT


Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

The Declaration of Trust of Power REIT imposes certain limits on the ownership of Power REIT's shares of beneficial interest ("Shares"). These limits are intended to help protect against violations of the ownership concentration limitations imposed under the Internal Revenue Code upon entities, such as Power REIT, that qualify as real estate investment trusts. The Declaration of Trust also permits Power REIT's trustees, in their sole discretion, to exempt, prospectively and retroactively, any person from the ownership limits, provided certain requirements set forth in the Declaration of Trust are met.

The Board of Trustees of Power REIT received a request dated April 22, 2014 from Hudson Bay Partners, LP on behalf of itself and its affiliates, including David H. Lesser, who serves as Power REIT's Chairman, CEO, Secretary & Treasurer, for an exemption, as permitted under the Declaration of Trust, from the Ownership Limit, as defined in the Declaration of Trust. The Trust's independent trustees have reviewed the request and, having found that the applicable requirements set forth in the Declaration of Trust have been met, that Power REIT has sufficient protections against violations of the ownership concentration limitations and that granting the exemption is the in the best interests of Power REIT, have granted the requested exemption.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Ex. No.    Description

  99.1     Request for exemption

  99.2     Resolution granting request for exemption

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