NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) (NASDAQ: AABA) today announced that, on September 5, 2019, the Board of Directors (the “Board”) of the Fund declared a pre-dissolution liquidating distribution of $51.50 in cash per share of its common stock, par value $0.001 per share (the “Shares”), which will be paid on September 23, 2019 to stockholders of record as of September 16, 2019 (the “Pre-Dissolution Liquidating Distribution”). The Fund expects that the ex-dividend date for such distribution will be September 24, 2019, the day after the payment date for the Pre-Dissolution Liquidating Distribution.
As previously announced, stockholders of the Fund approved the liquidation and dissolution of the Fund pursuant to a Plan of Complete Liquidation and Dissolution (the “Plan”) at a special meeting of stockholders held on June 27, 2019. Promptly following payment of the Pre-Dissolution Liquidating Distribution, the Fund intends to file a certificate of dissolution (the “Certificate of Dissolution”) with the Secretary of State of the State of Delaware to dissolve the Fund. The Fund will issue a press release not less than five business days before filing the Certificate of Dissolution to announce (i) that the Board has determined to proceed with the liquidation and dissolution of the Fund and (ii) the anticipated filing date of the Certificate of Dissolution.
Thomas J. McInerney, Chief Executive Officer of the Fund, said, “This distribution represents a major milestone in our plan to liquidate and dissolve. A significant amount of work and judgment went into the determination of the distribution amount and, while not necessarily by design, it is in the middle of the range outlined in the proxy statement we filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 17, 2019, as supplemented on June 7, 2019. Our work to resolve actual and potential liabilities has made significant progress overall, but much remains to be done. Our principal assumptions, plans and expected outcomes, while still subject to risk and uncertainty, remain generally unchanged. We continue to be convinced that this plan is the right course for stockholders.”
Further information regarding the liquidation and dissolution of the Fund and the amount and timing of any post-dissolution liquidating distributions to stockholders, will be provided in subsequent press releases or filings with the SEC as such information becomes available.
Altaba is an independent, publicly traded, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and marketable securities.
Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document contains forward-looking statements concerning the Fund’s proposed liquidation and dissolution pursuant to the Plan. Without limiting the foregoing, words or phrases such as “will likely result,” “are expected to,” “will continue,” “anticipate,” “estimate,” “project,” “believe,” “intend” or similar expressions are intended to identify forward-looking statements. These statements are not statements of historical facts and do not reflect historical information. Forward-looking statements are subject to numerous risks and uncertainties and actual results may differ materially from those statements. Such risks and uncertainties relate to, among other things: the availability, timing and amount of liquidating distributions; the amounts that will need to be set aside by the Fund; the adequacy of such reserves to satisfy the Fund’s obligations; the ability of the Fund to favorably resolve certain potential tax claims, litigation matters and other unresolved contingent liabilities of the Fund; the application of, and any changes in, applicable tax laws, regulations, administrative practices, principles and interpretations; the incurrence by the Fund of expenses relating to the liquidation and dissolution; and the ability of the Board to abandon, modify or delay implementation of the Plan prior to filing the Certificate of Dissolution. Further information regarding the risks, uncertainties and other factors that could cause actual results to differ from the results in these forward-looking statements are discussed under the section “Risk Factors” in the Proxy Statement, as supplemented. Please carefully consider these factors, as well as other information contained in the Proxy Statement, and in the Fund’s periodic reports and documents filed with the SEC. The forward-looking statements included in this document are made only as of the date hereof.
The Fund does not undertake any obligation to update or supplement such forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Because the Fund is an investment company, the forward-looking statements and projections in this press release are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.