	southmark sm to offer special dividend southmark corp said it will issue its shareholders a special dividend right to acquire shares of american realty trust arb for each shares of southmark they own each right entitles the holder to buy one share of beneficial interest of american realty trust at a price of dlrs per share southmark said southmark said the offer s record date is may with an ex dividend date of april adding that the it will issue the rights to shareholders on may and the offer will expire on may southmark said it received the rights on april as the holder of about pct of american realty trust s outstanding shares holders of fewer than southmark shares who would receive rights to acquire fewer than american realty shares will be paid cash in lieu of the rights distribution the company said southmark said it will compute the cash price paid based on the average closing market price of the rights on the american stock exchange for the first ten days the rights are traded beginning april in order to get the dividend for these rights a southmark shareholder must own common stock on the ex dividend date april the company said after that southmark said its common stock will be traded on an ex rights basis reuter 
