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Keweenaw Announces Closing of Divestiture of Timber Assets, Changes to Board of Directors and Officers
Keweenaw Announces Closing of Divestiture of Timber Assets, Changes to Board of Directors and Officers.
About this update from Keweenaw Land Association, Ltd.
[{"type":"text","content":"\n IRONWOOD, Mich., Dec. 27, 2021 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC US: KEWL) today announced it has closed the previously announced sale of its timber assets. Payment of the first special distribution of $92.00 per share is scheduled to be made on December 31, 2021, to shareholders of record as of the close of business on December 27, 2021. As of the date of this press release, the majority of shares outstanding were held by Cede & Co. (The Depository Trust Company’s nominee) as the official holder of record. The record date of December 27, 2021, for the distribution is only applicable to shareholders of record such as Cede & Co. and other registered shareholders who hold their shares directly with our transfer agent. The Company’s understanding is that the ex-dividend date, of January 3, 2022, which has been established by The Financial Industry Regulatory Authority (“FINRA”), actually determines which beneficial or “street name” holders will be eligible to receive this distribution. Investors who are beneficial owners should contact their broker with any questions about the ex-date for this distribution. Please refer to https://otce.finra.org/otce/dailyList for any updates concerning the distribution date and ex-dividend date. The Company previously indicated its desire to reduce the size of its board of directors as it enters the next chapter focused on the operation of its mineral assets. Three directors – John Enlow, Peter Madden, and Steve Winch – have tendered their resignations effective today and Mark Sherman agreed to join Keweenaw’s Board. “The transaction we closed on today has been the culmination of years of hard work. We are looking forward to Keweenaw’s next phase,” said Keweenaw Chairman Jamie Mai. “I’d like to thank John Enlow, Pete Madden and Steve Winch for their invaluable contributions over the past few years and we are thrilled that Mark Sherman has agreed to join Keweenaw’s board.” Following the resignations and addition above, Keweenaw’s board now consists of three members -- Chairman Jamie Mai, Eric Speron and Mark Sherman. President and CEO of the Company, Mark Sherman will retire effective December 31, 2021. The Company has appointed Timothy G. Lynott, 44, as Preside...