Company shareholders approved the change from a standard public-stock company at a Nov. 17 meeting at Lamar headquarters here. As part of the plan, the company merged into a wholly owned subsidiary, Lamar Advertisng REIT Co., at 11:59 Eastern Standard Time on Nov. 19, and then took its old name back as Lamar Advertising Co.
Stockholders of pre-REIT Lamar’s Class A common stock, Class B common stock and Series AA preferred stock automatically became stockholders of Lamar Advertising REIT Company’s Class A common stock, Class B common stock and Series AA preferred stock, respectively. Shares of the Class A common stock will continue to trade on the NASDAQ Global Select Market under Lamar’s current symbol, “LAMR.”
The action essentially makes stockholders the owners of Lamar’s real-estate holdings; i.e., its billboards and other physical locations. Instead of standard stock dividends, stockholders will receive a pro-rata share of revenues of those assets.
