Attached files
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8-K - FORM 8-K - FIRST CAROLINA INVESTORS INC | d242510d8k.htm |
Exhibit 99.1
FIRST CAROLINA INVESTORS, INC.
Statement of the Board of Directors
Dated: October 12, 2011
First Carolina Investors, Inc. (the Company) has provided written notice to The NASDAQ OMX Group, Inc. (NASDAQ), the Financial Industry Regulatory Authority, Inc. (FINRA) and to OTC Markets Group Inc. (OTC) of the Companys intention to voluntarily delist its common stock from NASDAQ and the OTC Pink Sheets Market. The Company is currently listed on NASDAQ and currently trades on the OTC Pink Sheets Market under the symbol FCAR.
The Company has filed a Certificate of Dissolution with the Division of Corporations of the Secretary of State of the State of Delaware, with an effective date of October 24, 2011.
On October 21, 2011, the stock transfer books of the Company will be closed and trading in shares of the Company will cease.
On or about October 25, 2011, the Company will file with the Securities and Exchange Commission (the SEC) and NASDAQ a Form 25 relating to the permanent delisting and deregistration of its common stock, and will also file with the SEC a Form N-8F relating to its permanent deregistration as an investment company.
These actions of the Company are in connection with the winding up of the Companys affairs pursuant to the Plan of Distribution and Liquidation (the Plan) approved by stockholders at a special meeting held on September 21, 2011.
As anticipated by the Plan, the Company expects to make an initial liquidating distribution of the Companys cash assets on or about October 24, 2011. At a special meeting held October 11, 2011, the Board of Directors of the Company determined that:
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cash assets of the Company, in the amount of $3,165,444.00 (equal to $3.57 per share), will be distributed pro rata to the Companys current stockholders; and |
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approximately $2,363,368.00 of the Companys cash assets will be retained as a expense/contingency reserve in a liquidating trust in which current stockholders of the Company will be issued pro rata beneficial interests (the Trust). |