Bergstrom Capital Corporation Announces Cash Liquidating Distribution.Business Editors SEATTLE--(BUSINESS WIRE)--April 4, 2003 Bergstrom Capital Corporation, a publicly traded investment company listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX AMEX See: American Stock Exchange :BEM BEM British Empire Medal ), reported that its stockholders had approved the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the Company at the special meeting of stockholders held today. Following approval of the liquidation, the Board of Directors of Bergstrom Capital Corporation declared an initial cash liquidating distribution in the amount of $122.75 per share payable April 11, 2003, to stockholders of record on April 4, 2003. The entire amount of the distribution will be a return of capital. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. for the distribution is scheduled to be April 14, 2003. The amount of the distribution is based on the net asset value per share of the Company as of April 3, 2003, less a reserve of $.28 per share for payment of the Company's remaining liabilities and expenses. The net asset value of the Company as of April 3, 2003, was $123.03 per share. The Company's shares are currently traded on the American Stock Exchange under the symbol BEM. Because the Company will no longer meet the Exchange's listing standards following the initial distribution, trading in the Company's shares on the Exchange will be suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. as of the close of business on April 30, 2003. It is expected that an additional cash liquidating distribution, representing any assets left over after payment of the Company's remaining liabilities and expenses, will be made on or before August 31, 2003. The Company is a closed-end, non-diversified investment company whose principal investment objective was long-term capital appreciation, primarily through investment in equity securities. The Company's investments now consist of cash equivalents and other short-term investments. For further information, contact William L. McQueen, President of the Company, at 206/676-1148. |
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