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Stock Market & Financial Investment News

News Breaks
January 18, 2013
07:51 EDTGEOGeo Group receives favorable private letter ruling from IRS, elects REIT status
The GEO Group has received a favorable private letter ruling from the IRS in connection with GEO’s previously announced conversion to a real estate investment trust. GEO also has received an opinion from Skadden, Arps, Slate, Meagher & Flom, LLP, which advised GEO on its REIT conversion that GEO qualifies as a REIT. Based on the receipt of the private letter ruling and the Skadden REIT opinion, GEO’s Board of Directors has authorized GEO to elect REIT status effective January 1, 2013. GEO will seek inclusion in the appropriate REIT indices at the earliest possible date. GEO also announced that on January 17, 2013, the Board declared GEO’s first ever quarterly cash dividend as a REIT of 50c per share of common stock based on GEO’s new outstanding share count of approximately 71.3 million, which includes the issuance of approximately 9.7 million shares in connection with GEO’s previously announced $350M special dividend which was paid on December 31, 2012. GEO’s quarterly REIT cash dividend of 50c per share will be paid on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013.
News For GEO From The Last 14 Days
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May 21, 2015
08:37 EDTGEOGeo Group reports contract from Washington Department of Corrections
GEO Group announced the signing of a contract with the Washington Department of Corrections for the out-of-state housing of up to 1,000 inmates at the company-owned North Lake Correctional Facility in Baldwin, Michigan. The contract will have a term of five years inclusive of renewal option periods. Under the contract, the Facility is expected to begin the intake process in the fourth quarter of 2015 with a gradual ramp over several months. At full occupancy, the contract would generate approximately $24M in annualized revenues.
May 20, 2015
08:31 EDTGEOGeo Group announces contract with Vermond Department of Corrections
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