Business
Metalink Plans to Conduct a Voluntary Liquidation and Return Net Cash to Shareholders
Metalink Plans to Conduct a Voluntary Liquidation and Return Net Cash to Shareholders.
About this update from Metalink Ltd.
[{"type":"text","content":"\n\n\n\nMetalink Plans to Conduct a Voluntary Liquidation and Return Net Cash to Shareholders\n\n\n\n\n\nMetalink Plans to Conduct a Voluntary Liquidation and Return Net Cash to Shareholders\nShareholder Approval Required to Proceed with Liquidation; Total Process Estimated to Take 6-12 Months after Approval\nPR Newswire\nTEL-AVIV, Israel, June 27, 2016\n\n\n\nTEL-AVIV, Israel, June 27, 2016 /PRNewswire/ --\n\nMetalink Ltd. (OTCQB: MTLK), today announced that its Board of Directors has approved a plan to voluntary liquidate the Company and distribute all of its net cash to shareholders on a pro rata basis.\n\nNet of all anticipated wind-down and liquidation expenses, Metalink anticipates approximately $3.50 million to $4.05 million in net cash available for distribution among all holders of ordinary shares after the Company's liquidation process is complete. Since Metalink has approximately 2.7 million shares outstanding, the anticipated net cash available for distribution among all holders of ordinary shares would be between $1.30 to $1.50 per share.\n\nThe liquidation requires approval by shareholders (75% of all shares voted) as well as the satisfaction of additional legal requirements. In addition, as an Israeli corporation, Metalink's cash distributions upon liquidation may be subject to Israeli withholding tax at a rate of up to 30%, if applicable.\n\nA shareholders' meeting to authorize the Company's voluntary liquidation is tentatively targeted for August 2016. Metalink will publicly announce the shareholders' meeting date and, in connection therewith, will send to its shareholders of record a proxy statement describing the various matters to be voted upon at the meeting, along with a proxy card enabling them to indicate their vote on each matter. The Company will also furnish copies of the proxy statement and proxy card to the Securities and Exchange Commission (SEC) on Form 6-K, which may be obtained for free from the SEC's website at http://www.sec.gov. Shareholders are urged to read the proxy materials, once available, because they will contain important information about the liquidation, including its process, timing and certain tax consequences.\n\nABOUT METALINK \n\nMetalink shares are quoted on OTCQB under the symbol \"MTLK\". For more information, please see our public filings at the SEC's website at http:/...