WILLOW GROVE, Pa.--(BUSINESS WIRE)--Neose Technologies, Inc. (Trading symbol: NTEC.PK) today announced that, in accordance with the Plan of Complete Liquidation and Dissolution (the “Plan of Liquidation”) approved by its stockholders on January 26, 2009, its Board of Directors has approved a final liquidating distribution (the “Final Liquidating Distribution”) in the amount of $0.0121 per share of common stock. The Final Liquidating Distribution will have a record date of March 2, 2009, which is the date on which the Company filed its Certificate of Dissolution with the Secretary of State of Delaware and closed its stock transfer books. The Final Liquidating Distribution will have a payable date of June 16, 2010 and an ex-dividend date of June 17, 2010. The Company will make no further distributions beyond the Final Liquidating Distribution. There is no requirement for stockholders to surrender shares in connection with the Final Liquidating Distribution.
An "ex-dividend date" is a date on which a security is traded without a previously declared dividend or distribution. The timing of the Company’s ex-dividend date is determined in accordance with the NASD rule applicable to such distribution because it exceeds 25% of the Company’s share value. Between the record date of March 2, 2009 and the ex-dividend date of June 17, 2010, the stock trades with due bills reflecting the seller's obligation to transfer the distribution to the buyer. As a result, the payment that the Company remits to the Depository Trust Company on June 16, 2010, which pertains to the shares held of record by Cede & Co. and owned by investors in street name, will be distributed by the Depository Trust Company to eligible brokers to allocate to client accounts based on the ownership of the Company’s common stock as of June 17, 2010 (the ex-dividend date).
Upon payment of the Final Liquidating Distribution, the Company will have made aggregate liquidating distributions (which include the initial liquidating distribution made on March 24, 2009, the Second Liquidating Distribution made on December 24, 2009, and the Final Liquidating Distribution) of $29,545,420, or $0.5421 per share of the Company’s common stock.
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding the timing and amount of potential future liquidating distribution payments and amounts available for distribution to holders of common stock, if any. These statements reflect the Company’s current expectations with respect to future events and are based on its current assumptions and information currently available. Actual results may differ materially. There can be no assurance that the Company’s expectations will be achieved. Please refer to the risk factors detailed in the Company’s proxy statement filed with the Securities and Exchange Commission (“SEC”) on December 17, 2008 and discussions of potential risks and uncertainties in our subsequent filings with the SEC. These forward-looking statements are neither promises nor guarantees. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no responsibility to revise or update any such forward-looking information.