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May 10, 2024 – Bexil Corporation (Stock Symbol: BXLC) (“Bexil” or the “Company”) today announced the results of its "modified Dutch auction" tender offer, which expired at 5:00 p.m. ET on May 7, 2024.
Based on the count by Securities Transfer Corporation, the depositary for the tender offer, a total of 107,154 shares of Bexil's common stock, $0.01 par value per share, were properly tendered and not properly withdrawn at or below the purchase price of $38.00 per share.
In accordance with the terms and conditions of the tender offer, Bexil accepted for payment an aggregate of 100,000 shares at a purchase price of $38.00 per share for an aggregate cost of approximately $3.8 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 14% of the shares outstanding as of March 31, 2024. The proration factor for shares that Bexil will purchase pursuant to the tender offer is approximately 93%. The depositary is expected to promptly pay for all the shares accepted for payment in accordance with the terms of the tender offer materials.
The number of shares of shares expected to be purchased by the Company, the aggregate purchase price for the shares, and the proration factor are subject to final confirmation by the depositary and the proper delivery of shares tendered, including any shares tendered pursuant to the guaranteed delivery procedure.
Subsequent to the expiration of the tender offer, the Company may, in its sole discretion, engage in additional repurchases of shares of the Company. Such repurchases, should they occur, could be made through additional tender offers, solicited or unsolicited transactions in the open market, or in privately negotiated transactions at such times and prices, and on such other terms, as the Company deems appropriate. Such prices and terms may differ from the price and terms of the tender offer.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to purchase any Company shares.
About Bexil Corporation
The objective of Bexil, a holding company, is to increase book value per share over time for the benefit of its stockholders. The Company is primarily engaged through a wholly owned subsidiary, Bexil Advisers LLC, in investment management. Bexil Advisers is a registered investment adviser and the investment manager to Bexil Investment Trust, a closed end fund (Stock Symbol: BXSY) (NAV Symbol: XBXIX). To learn more about Bexil please visit www.Bexil.com.
Safe Harbor Note
This release may contain certain “forward looking statements” within the meaning of federal securities laws including, but not limited to the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bexil, which may cause the Company’s actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent forward looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with the information included in the Company’s Annual Report, at https://www.bexil.com/communications/cautionary-language, and similar information. All forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
Contact: Thomas O’Malley
Chief Financial Officer
212-785-0900
