Major owner of PMC Commercial Trust just disposed of 9,911,418 shares

Avraham Shemesh, a major owner of PMC Commercial Trust and a director of the company, recently disposed of 9,911,418 shares of the company. The disposals took place at $21.00 per share, on June 17, 2016. Shemesh still owns 85,898,139 shares of the company. Shemesh operates out of Los Angeles, CA. Some additional info was provided as follows:

Urban Partners II, LLC sold 9,911,418 shares of common stock in a self tender offer by the issuer. The reporting person was deemed to have a pecuniary interest in 27,987 of such shares. The reporting person's disposition was approved in accordance with Rule 16b-3(e). The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares i n this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. These shares are owned directly by CIM Service Provider, LLC, Urban Partners II, LLC and The Shemesh Family Trust. The reporting person, together with Richard Ressler and Shaul Kuba, is a control person of CIM Holdings, Inc., which is the sole managing member of CIM Group, LLC, which is the sole equity member of CIM Service Provider, LLC and the sole managing member of Urban Partners II, LLC. The reporting person is the grantor of The Shemesh Family Trust. The reporting person, CIM Holdings, Inc. and CIM Group, LLC are indirect beneficial owners of 353,944 shares through the holdings of CIM Service Provider, LLC and indirect beneficial owners of 85,528,582 shares through the holdings of Urban Partners II, LLC. The reporting person is the indirect beneficial owner of 15,613 shares through the holdings of The Shemesh Family Trust. This amendment to the original Form 4 filed on June 21, 2016 is solely to amend footnote 1 above.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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