Friday, March 25, 2005 | 10:16 a.m.
Las Vegas-based Vestin Group Inc. this morning announced that Michael Shustek, the company's founder and chief executive, has made an offer to buy all of the company's outstanding stock he does not already own.
In a proposal received by Vestin's board of directors, Shustek offered $2.85 a share for the stock.
The cash offer "would be made subject to a condition that there be no pending or threatened legal or regulatory proceedings challenging the legality, fairness or validity of the offer," the company said in a statement.
Additionally, the board approved a transfer to Shustek of an additional 400,000 shares of stock which were acquired by the company in a settlement deal with former NFL quarterback Joe Namath and related entities.
Vestin also announced this week fourth-quarter net income of $60,921, compared with a net loss a year ago of $2.3 million. Revenue for the quarter was $3.1 million, up from $6 million a year ago.
The company said a lawsuit settlement helped push full-year 2004 net income to $3.2 million, or 99 cents a share, compared to a net loss of $5.2 million, or $2.31 a share, for the same period in 2003.
The lawsuit settlement represented a one-time gain of $5.9 million. Without that gain, the company said the full-year results would have shown a net loss of about $2.1 million.
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