CHARLOTTE, N.C., Sept. 22, 2011 /PRNewswire/ -- MedCath
Corporation (Nasdaq: MDTH) announced that the company's
stockholders today approved the proposals contained in a proxy
statement filed with the Securities and Exchange Commission on
August 17, 2011, authorizing the sale
of substantially all of the remaining assets of MedCath and the
dissolution of the company.
MedCath also announced today that its Board of Directors
approved a cash distribution equal to $6.85 per share, which will be paid October 13, 2011 to stockholders of record on
October 6, 2011. The amount of
the distribution is consistent with the amount of the anticipated
initial distribution described in the proxy statement dated
August 17, 2011.
MedCath announced in March 2010 it
had formed a Strategic Options Committee to consider the sale
either of the entire company or its assets. Since that time, the
company has announced 10 transactions.
About MedCath
MedCath Corporation, headquartered in Charlotte, N.C., is a health care provider
focused on high acuity services with the diagnosis and treatment of
cardiovascular disease being a primary service offering. MedCath
owns an interest in and operates four hospitals with a total of 366
licensed beds, located in Arizona,
California, Louisiana and Texas. This press release contains a
forward-looking statement relating to the payment of a cash
distribution to stockholders. The payment of this distribution is
subject to various risks, including those described in MedCath's
Annual Report on Form 10-K, as amended, and its subsequent filings
with the Securities and Exchange Commission. Actual results
could differ materially from those projected in this
forward-looking statement. MedCath assumes no obligation to update
statements contained in this press release.
SOURCE MedCath Corporation