LTC of Oxnard Adopts Stockholder Rights Plan

The board of directors for LTC Properties in Oxnard has adopted a stockholder rights plan.

Board members said the action was not taken in response to any offers to acquire the company.

Under the plan, the company will distribute preferred stock purchase rights as a dividend at the rate of one right for each share of common stock held as of the close of business on May 24. The purchase rights will expire on May 24, 2010.

Each right will entitle the holder to buy 1/1000th of a share of Series D Junior Participating Preferred Stock at an exercise price of $16. Each preferred share is designed to be equivalent in voting and dividend rights to 1,000 shares of common stock.

LTC is a real estate investment trust that focuses on long-term care and other health-care facilities.