TEL-AVIV, Israel, August 29, 2016 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced that its Board of
Directors has approved a plan to distribute up to $3.5 million in cash to shareholders.
The distribution, which is expected to be conducted through a
repurchase of shares from Metalink shareholders by means of a self
tender offer and/or a cash dividend, is subject to the satisfaction
of certain conditions, including the approval of the Tel Aviv District Court. To that end, Metalink
intends to file an application to the court seeking the court's
approval for distribution of up to $3.5
million by means of a repurchase of shares from Metalink
shareholders and/or cash distribution.
Subject to the satisfaction of the requisite conditions,
Metalink expects to announce the final size of the distribution and
the manner in which it shall be conducted (including the
allocation, if any, between a self tender offer and cash dividend)
in the next couple of months. If and when applicable, Metalink will
also issue a press release announcing the commencement of the self
tender offer, the size thereof, the offer price and additional
details regarding the offer.
There can be no assurance, however, if and when the conditions
to the distribution will be satisfied nor as to the final size
thereof (which may be below the requested court approval of
$3.5 million), timing and terms
thereof, including the allocation, if any, between a self tender
offer and cash dividend and, with respect to a self tender offer,
the final size and offer price thereof.
This is not an offer to buy or the solicitation of an offer
to sell any ordinary shares. The possible tender offer that is
described in this press release has not yet commenced. Once a
tender offer commences, Metalink will file a tender
offer statement (including an offer to purchase, letter of
transmittal and related tender offer documents) with the Securities
and Exchange Commission (SEC). Shareholders should read the tender
offer statement when it becomes available because it will contain
important information about the offer. The tender offer statements
and other filed documents will be available at no charge on
the SEC's website at http://www.sec.gov
and will also be made available without charge to all
shareholders by contacting Metalink's
corporate secretary at 972-77-7706770. Shareholders
are urged to read these materials carefully before making any
decision with respect to any tender offer.
ABOUT METALINK
Metalink shares are quoted on OTCQB under the symbol "MTLK". For
more information, please see our public filings at the SEC's
website at http://www.sec.gov .
SAFE HARBOR STATEMENT
This press release contains "forward looking statements" within the
meaning of the United States
securities laws. Words such as "aim," "expect," "estimate,"
"project," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believe," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. Because such statements deal with
future events, they are subject to various risks and uncertainties
that could cause actual results to differ materially from those in
the forward looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
distribution plan of the Company, the amount of cash that will be
returned to shareholders, the terms and timing of the process, and
other matters set forth from time to time in Metalink's filings
with the Securities and Exchange Commission, including Metalink's
Annual Report in Form 20-F. Readers are cautioned not to place
undue reliance on forward-looking statements. Except as required by
applicable law, the Company undertakes no obligation to republish
or revise forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrences
of unanticipated events. The Company cannot guarantee future
results, events, and levels of activity, performance, or
achievements.
Contact:
Shay Evron, Acting CEO & CFO
Metalink Ltd.
Tel: 972-3-7111690
Fax: 972-3-7111691
Shay.Evron@il.gt.com
SOURCE Metalink Ltd.
