Ramco-Gershenson ups ownership limit for convertible preferreds

By Jennifer Chiou

New York, June 29 - Ramco-Gershenson Properties Trust said its board of trustees agreed to give all series C cumulative convertible preferred share holders the right to exceed the 9.8% ownership limit for those shares.

The change is conditioned upon the rule that no investor may beneficially or constructively own shares in excess of 9.8% of the market value of all outstanding Ramco-Gershenson shares, including common shares and all series and classes of preferred shares.

The board previously approved a similar waiver for the company's series B cumulative redeemable preferred shares.

Ramco-Gershenson is Farmington Hills, Mich., real estate investment trust.

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