United Capital Corp. Announces Preliminary Results of its Tender Offer
26 Juillet 2011 - 2:30PM
Business Wire
United Capital Corp. (NYSE Amex: AFP) announced today the
preliminary results of its tender offer to purchase up to 3,600,000
shares of its common stock at a price of $30 per share (net to the
seller in cash, without interest), which expired at 5:00 p.m., New
York City time, on July 25, 2011.
Based on the preliminary count by Continental Stock Transfer
& Trust Company, the Depositary for the tender, approximately
3,380,000 shares of common stock were properly tendered and not
withdrawn, including approximately 18,000 shares that were tendered
through notice of guaranteed delivery. Since the tender offer was
not fully subscribed, no proration is required and all shares
properly tendered and not withdrawn will be accepted for purchase.
As such, United Capital expects to accept for purchase an aggregate
of approximately 3,380,000 shares of its common stock, at a
purchase price of $30 per share, for a total cost of approximately
$101.4 million, excluding fees and expenses related to the
tender.
Following consummation of the tender offer, United Capital
expects to have approximately 7.4 million shares of common stock
outstanding.
The number of shares tendered and not withdrawn is preliminary
and is subject to verification by the Depositary and to the proper
delivery of all shares tendered and not properly withdrawn
(including shares tendered pursuant to guaranteed delivery
procedures). The actual number of shares validly tendered and not
withdrawn will be announced promptly following completion of the
verification process. Promptly after such announcement, the
Depositary will issue payment for the shares validly tendered and
accepted under the tender offer.
Investor questions concerning the tender offer may be directed
to the information agent, MacKenzie Partners, Inc., at
800-322-2885.
Certain statements in this press release and other statements
made by the Company or its representatives that are not strictly
historical facts are “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that should be considered as subject to the many risks and
uncertainties that exist in the Company's operations and business
environment. The forward-looking statements are based on current
expectations and involve a number of known and unknown risks and
uncertainties that could cause the actual results, performance
and/or achievements of the Company to differ materially from any
future results, performance or achievements, expressed or implied,
by the forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, and that
in light of the significant uncertainties inherent in
forward-looking statements, the inclusion of such statements should
not be regarded as a representation by the Company or any other
person that the objectives or plans of the Company will be
achieved. The Company also assumes no obligation to publicly update
or revise its forward-looking statements or to advise of changes in
the assumptions and factors on which they are based. See our 2010
Annual Report on Form 10-K for a discussion of risk factors that
could impact our future financial performance and/or cause actual
results to differ significantly from those expressed or implied by
such statements.
United Capital Corp. and its subsidiaries own and manage real
estate and hotel properties and provide engineered products to
industrial and automotive markets worldwide.
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