MedCath Announces Pre-Filing Liquidating Distribution Of $6.33 Per Share; Sets Date For Filing Certificate Of Dissolution
MedCath Corporation (Nasdaq: MDTH) announced that the Company's Board of Directors today approved a distribution of $6.33 per share, payable in cash on September 21, 2012 to holders of record of the Company's common stock, par value $.01 (the "Common Stock") on September 10, 2012 (the "Pre-Filing Liquidating Distribution"). The approval of the Pre-Filing Liquidating Distribution followed the Board of Director's determination that the conditions outlined in the Company's proxy statement filed with the Securities and Exchange Commission (the "SEC") on August 17, 2011 (the "Proxy"), to make an additional liquidating distribution prior to the Filing (as defined below), had been met. The amount of the Pre-Filing Liquidating Distribution is consistent with the high end of the anticipated distribution range described in MedCath's Form 10-Q filed with the SEC on August 9, 2012.
MedCath's Board of Directors has approved the filing of a certificate of dissolution with the Secretary of State of the State of Delaware on September 21, 2012 (the "Filing"). Trading in the common stock on the NASDAQ Global Select Market will be suspended after the regular market officially closes at 4 p.m. EDT on September 21, 2012. MedCath will then close its stock transfer books and not record any further transfers of its common stock on its books except by will, intestate succession or operation of law.
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