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July 18, 2014
17:18 EDTGLCHGleacher announces update on planned dissolution, terminates NASDAQ listing
Gleacher & Company announced an update on the status of its previously disclosed plan to dissolve and liquidate. The company anticipates filing a certificate of dissolution with the Secretary of State of the state of Delaware, which is expected to become effective as of the close of business on July 28. Filing of the certificate of dissolution was approved by stockholders at the company’s annual meeting held on May 29. The company anticipates making an initial liquidating distribution of $4.05 per share of the company’s common stock, with approximately $25M in the aggregate. The $5M aggregate increase in the anticipated initial liquidating distribution, as compared to prior estimates, represents the distribution of a portion of the proceeds received by the company from the previously announced sale of a portfolio company in the company’s FA Technology Ventures private equity investment. Stockholders of record as of the time and date that the certificate of dissolution becomes effective, currently anticipated to occur on July 28, would be entitled to receive the distribution. The company anticipates, to the extent practicable, payment of such distribution to occur no later than August 15. The company expects to make one or more additional liquidating distributions to such stockholders of record. The Company is unable to predict the amount or timing of any subsequent liquidating distribution. In anticipation of the filing of the certificate of dissolution, the company’s common stock has been delisted from the NASDAQ Global Market. In addition, the company has filed with the SEC a Certification and Notice on Form 15 to deregister under the Securities Exchange Act, suspending the company’s obligation to file periodic and current reports.
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