Printer Friendly

CHICAGO MILWAUKEE BOARD APPROVES PLAN TO CONVERT TO OPEN-END INVESTMENT COMPANY

 CHICAGO MILWAUKEE BOARD APPROVES PLAN
 TO CONVERT TO OPEN-END INVESTMENT COMPANY
 CHICAGO, July 29 /PRNewswire/ -- Chicago Milwaukee Corp. (NYSE: CHG), a closed-end investment company registered under the Investment Company Act of 1940, announced today that its board of directors has approved a plan of conversion whereby Chicago Milwaukee would, among other things, convert to an open-end investment company. The conversion is subject to, among other things, the approval of Chicago Milwaukee's stockholders which will be sought at a special stockholders meeting to be held at a future date.
 Edwin Jacobson, president and chief executive officer of Chicago Milwaukee, stated: "As a result of the conversion to open-end status, Chicago Milwaukee will be able to operate as a mutual fund investment company and its common stockholders will be able to redeem their shares at the company's net asset value. Currently, stockholders wishing to liquefy their investment must sell their shares in the market at prices which typically are at a discount from net asset value."
 The plan of conversion also contemplates certain other transactions that are subject to, and will become effective simultaneously with, the consummation of the conversion, including the redemption by Chicago Milwaukee of all outstanding shares of its preferred stock at the redemption price of $100 per share plus any accrued and unpaid dividends thereon, the transfer of certain assets owned by Chicago Milwaukee to its wholly owned subsidiary, Milwaukee Land Co., an Iowa corporation, and the distribution by way of a spinoff of the common stock of Milwaukee Land Co. to Chicago Milwaukee's common stockholders. As a result of the spinoff, Milwaukee Land Co., a closed-end investment company, will become a publicly held company. It is intended that following the transfer of assets to Milwaukee Land Co. and prior to the spinoff, Milwaukee Land Co. will be reincorporated in the state of Delaware.
 The proposed asset transfer and stock distribution are subject to, among other things, the receipt by Chicago Milwaukee of an exemptive or other order from the Securities and Exchange Commission. Chicago Milwaukee intends promptly to file an application for such an order with the commission, although management is unable to predict at this time if and when such an order will be issued.
 -0- 7/29/92 R
 /CONTACT: Gary Dunlap 312-565-4300 of Dragonette Inc., for Chicago Milwaukee; or Leon Fiorentino, 312-822-0400, at Chicago Milwaukee/
 (CHG) CO: Chicago Milwaukee Corp. ST: Illinois IN: FIN SU:


GK -- NY040R -- 4662 07/29/92 13:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:410
Previous Article:POPE & TALBOT REPORTS LOSS FOR SECOND QUARTER AND SIX MONTHS, OUTLINES RESTRUCTURING ACTIVITIES
Next Article:DER APPROVES AMP'S CLEAN-UP PLAN FOR CUMBERLAND COUNTY SITE
Topics:


Related Articles
PACIFIC EUROPEAN GROWTH FUND BOARD OF DIRECTORS CALLS FOR SHAREHOLDER VOTE ON CONVERSION TO OPEN-END FUND
CHICAGO MILWAUKEE CORPORATION REPORTS 1992 FIRST QUARTER OPERATING RESULTS
CHICAGO MILWAUKEE CORP. REPORTS 1992 SECOND QUARTER OPERATING RESULTS
CHICAGO MILWAUKEE CORP. REPORTS 1993 FIRST QUARTER OPERATING RESULTS
CHICAGO MILWAUKEE CORPORATION ANNOUNCES EFFECTIVENESS OF CONVERSION TO OPEN-END INVESTMENT COMPANY
CHICAGO MILWAUKEE CORP. REPORTS 1993 OPERATING RESULTS
MILWAUKEE LAND COMPANY REPORTS 1993 OPERATING RESULTS
CHICAGO MILWAUKEE CORP. REPORTS 1994 FIRST QUARTER OPERATING RESULTS
CHICAGO MILWAUKEE CORP. REPORTS 1994 SECOND QUARTER OPERATING RESULTS
CHICAGO MILWAUKEE CORPORATION ANNOUNCES ADOPTION OF PLAN OF COMPLETE LIQUIDATION AND REDEMPTION OF ALL OUTSTANDING SHARES ON MAY 22, 1995;

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters