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Keweenaw Land Announces Final Vote Results on Matters Before the 2021 Special Meeting of Shareholders
Keweenaw Land Announces Final Vote Results on Matters Before the 2021 Special Meeting of Shareholders.
About this update from Keweenaw Land Association, Ltd.
[{"type":"text","content":"\n IRONWOOD, Mich., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC US: KEWL) today announced the final results of the shareholder vote of the proposals presented at the Company’s special meeting held on December 20, 2021, which are as follows: Proposal 1: To approve the Timberland Assets Sale and Purchase and Sale Agreement. ForAgainstAbstainBroker Non-votes850,49229,8346230 Proposal 2: To approve the Plan of Partial Liquidation. ForAgainstAbstainBroker Non-votes845,74434,1261,0790 Proposal 3: To approve the adjournment of the special meeting, if necessary or appropriate. ForAgainstAbstainBroker Non-votes840,82738,9271,1950 Keweenaw Chairman, James A. Mai commented, “We are very pleased with the overwhelming support for the deal. Over 96% of shareholders who voted elected to approve the transaction. We will be working diligently over the next week to wrap up final details to close the transaction.” As previously disclosed, the timber sale transaction is expected to close on December 27, 2021. Conditioned upon the closing, 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. Contact: Paula J. Aijala, Secretary, Keweenaw Land Association, Limited, [email protected] About Keweenaw Land Association, Limited: Keweenaw is a f...