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Stock Market & Financial Investment News

News Breaks
February 25, 2013
16:43 EDTEPAXAmbassadors Group CEO resigns, CFO assumes interim responsibility
Ambassadors Group announced the resignation of Jeffrey D. Thomas as a member of the board of the company, and as the company's president and CEO, as well as the resignation of Margaret M. Thomas as the executive vice president of the company and the president and COO of the company's operating subsidiary Ambassador Programs. Anthony Dombrowik, senior vice president and CFO, has assumed the role of Interim CEO. The board will commence a search for a new CEO.
News For EPAX From The Last 14 Days
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August 14, 2015
16:34 EDTEPAXAmbassadors Group announces board approval of dissolution, liquidation
Ambassadors Group announced that its Board of Directors has determined that it is in the best interests of the company's shareholders for the company to dissolve, liquidate and distribute to stockholders its available assets. The company has been engaged in a lengthy and intensive evaluation of potential strategic alternatives in order to preserve and maximize stockholder value. Those potential alternatives included pursuing a strategic transaction with a third party, such as a merger or sale of the company and dissolving the company, winding down its remaining operations and distributing its net assets to its stockholders, after making appropriate reserves for liabilities and expenses. The Company's dissolution was unanimously approved by the Board of Directors but is subject to stockholder approval. The Company intends to present this proposal to its stockholders of record as of September 10, 2015 at a special meeting of shareholders. The Company will file prescribed proxy materials with the Securities and Exchange Commission in advance of that meeting. In connection with the dissolution, the Company intends to distribute to its stockholders all available cash other than as may be required to pay expenses and pay or make reasonable provision for known and potential claims and obligations of the Company, as required by applicable law. The Board of Directors' decision contemplates an orderly wind down of the Company's remaining business and operations, including the dissolution and winding-up of subsidiaries. If approved by the Company's stockholders, the Company intends to file a certificate of dissolution, pay, satisfy, resolve or make reasonable provisions for claims and obligations as well as anticipated costs associated with the Company's dissolution and liquidation, and seek to convert its remaining assets into cash or cash equivalents as soon as reasonable, practicable and financially prudent. If the Company's stockholders approve the proposal, the Company currently expects to make an initial liquidating distribution to stockholders of approximately $44M up to $50M, or $2.50 up to $2.85 per share. The Company expects to make this initial liquidating distribution as soon as practicable following receipt of stockholder approval and filing of a certificate of dissolution. The amount of this initial distribution reflects the Company's current liquid assets offset in part by provisions, or reserves, for future operating costs and expenses associated with dissolution and liquidation and, as required by law, for other known and potential claims and obligations.

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