Saffron Fund, Inc. Announces Distribution and Dissolution.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Saffron Fund, Inc. (the "Fund")(NYSE NYSE See: New York Stock Exchange : SZF SZF Sonic Zone Forums SZF Saufen, Zocken, Fürstenau (gaming clan) ) announces that today, pursuant to the Plan of Liquidation adopted by the stockholders of the Fund at the Annual General Meeting on May 13, 2004, the Fund is making an initial liquidating distribution of $54,904,240.64, or approximately 97% of the assets of the Fund, in the aggregate to its stockholders of record as of August 20, 2004. Each such stockholder will receive $9.372 per share. Based on information available at this time, the Fund estimates that the entire amount of this initial liquidating distribution will be characterized as a return of capital for U.S. federal income tax purposes; the Fund will report the tax treatment to each stockholder in January 2005 on Form 1099-DIV Form 1099-DIV A form sent to investors by investment fund companies. The form is a record of all taxable capital gains and dividends paid to an investor, including those that have been re-invested in a given taxation year. . The Fund is retaining assets for the payment of remaining expenses and any claims and other obligations. The Fund expects to make a second liquidating distribution to stockholders after all expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the liquidation and dissolution have been paid. EquiServe Trust Company, N.A. is acting as paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. with respect to the distribution and will mail checks to stockholders of record entitled to receive the distribution no later than the close of business today. The Fund is also taking other steps today to wind up its affairs pursuant to the Plan of Liquidation. The Fund is filing Articles of Dissolution with the Maryland State Department of Assessments and Taxation to dissolve the Fund, at which time all of the Fund's outstanding shares will be cancelled. The Fund is also filing with the Securities and Exchange Commission to deregister its common shares under the Securities Exchange Act of 1934 and to deregister the Fund itself under the Investment Company Act of 1940. Saffron Fund, Inc. is a closed-end, non-diversified management investment company. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion