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.