MacKenzie Affiliate Completes UDF IV Tender Offer

SCM Special Fund 3 And Lemon Creek Advisers, affiliates of Mackenzie Capital Management and Sutter Capital Management respectively, have purchased 37,890 shares of United Development Funding IV for $1.25 each. The companies originally offered to purchase 1.6 million shares of UDF IV.

UDF IV has 1,775 holders of record owning nearly 30.7 million shares. The purchasers now own approximately 38,733 shares or less than 0.13 percent of UDF IV’s total outstanding shares.

United Development Funding IV is a publicly traded REIT that was delisted from trading on NASDAQ in October 2016. The company is currently under investigation by the Securities and Exchange Commission.

Prior to its suspension, the company’s stock traded $3.20 per share on February 18th and had a 52-week trading range of $3.20-$18.31 per share. The company traded on the OTC markets for $2.25-$2.58 per share in the 30 days preceding the tender offer.

United Development Funding IV has not filed any quarterly financial documents since November 2015. The company said that its independent registered public accounting firm, EisnerAmper, is conducting an internal audit of the firm and is working to complete and file all of the necessary periodic reports.

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