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This excerpt taken from the RICK 8-K filed Apr 15, 2008. The Executive Club, a
luxurious 18,000-square foot adult nightclub in Dallas. The company also
purchased the real estate on which the club is located at 8550 North Stemmons
Freeway.
The total
price for the club and real estate was $9.5 million. Rick's Cabaret issued
152,082 shares of restricted common stock valued at $25 per share, for the club
itself. Separately it paid $5.7 million to buy the real estate on which the club
is located, through the issuance of 57,918 shares of restricted common stock and
$4.25 million in cash, of which $3.64 million was loaned by a Texas bank against
the acquired property, bearing interest of prime plus two percent. The stock is
subject to a “lock up/leak out" provision governing the number of shares that
can be sold in given periods.
"This
club is one of the finest physical plants I have seen in the country," said
This excerpt taken from the RICK 8-K filed Mar 7, 2008. The
Executive Club, an 18,000-square foot gentlemen’s club and the real
estate on which it is located in Dallas (8550 North Stemmons Freeway) for a
total purchase price of $9.5 million.
Rick’s
Cabaret will purchase The Executive Club for $3.8 million, to be paid with the
issuance of 152,082 shares of restricted common stock of Rick’s Cabaret. As part
of the transaction, Rick’s Cabaret will also purchase the real estate on which
the club is located for an additional $5.7 million, payable with $4.25 million
in cash and the issuance of 57,918 shares of restricted common stock. The stock
has been valued at $25 per share.
The
transaction, which includes a “lock up/leak out” provision governing the number
of shares that can be sold in given periods, is scheduled to close on April 30,
or ten days after the approval and transfer of required licenses and permits.
The transaction is subject to certain closing conditions, including but not
limited to Rick’s Cabaret obtaining adequate financing, approval by relevant
regulatory authorities of the transfer of ownership in the selling entities and
other conditions consistent with transactions of this type.
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