Nyer Medical Group Inc (OTC:NYER) has announced its sole and final liquidating distribution will be $2.08 per share.
We started following NYER in November last year (see the initial post) when the stock was trading at $1.75, and NYER had announced the liquidation subject to the approval of its shareholders and the closing of two transactions. The board estimated that shareholders would receive a liquidating distribution of between $1.84 to $2.00 per share, so the $2.08 per share exceeds the high end of the estimate, and a represents a total return of 19%. The S&P500 returned 8.9% over the same period, representing an outperformance of 10%.
Here is the release from NYER:
Nyer Medical Group, Inc., (NYER: News ) announced that on May 12, 2010, pursuant to its previously announced, shareholder-approved Plan of Dissolution, the Board of Directors of the company approved a sole and final liquidating distribution of $2.08 per common share to holders of the company’s common stock as of record date. As previously disclosed, the record date is May 3, 2010.
The Company expects to begin making this distribution on May 20, 2010 to all stockholders of record as of the close of business on May 3, 2010, including the Depository Trust Company, which is the entity that holds the Company’s common stock for stockholders who own shares through a broker. In order to receive their pro rata portion of the distribution, stockholders must present satisfactory evidence of their share ownership.
As previously disclosed, Nyer is in the process of the orderly wind down and dissolution of the Company pursuant to the Plan of Dissolution, which is described more fully in the Company’s Proxy Statement dated December 17, 2009, and is expected to be completed in approximately 30 days.
Hat tip Rogermunie.
[Full Disclosure: I do not have a holding in NYER. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only. Do your own research before investing in any security.]