Central Securities Corporation Declares Year-End Distribution
November 03 2016 - 12:16PM
Business Wire
Central Securities Corporation (NYSE MKT: CET), a closed-end
investment company, today declared a distribution of $0.78 per
share on its Common Stock.
The dividend is payable December 21, 2016 to stockholders of
record November 14, 2016. The distribution will be paid in
additional shares of stock unless stockholders elect to receive the
distribution in cash. The cut-off date for election of cash is
December 1, 2016 (the “Cut-Off Date”).
The number of additional shares to which a stockholder will be
entitled if he receives the distribution in stock will be computed
as follows:
The number of shares held of record on
November 14, 2016 will be multiplied by $0.78. This amount will be
divided by the Reinvestment Price to determine the number of shares
to be received. The Reinvestment Price will be the lower of the
market value (as defined below) or the net asset value per share on
the Cut-Off Date. Cash will be paid in lieu of fractional
shares.
The market value will be the arithmetic
average of the daily volume weighted average price (“VWAP”) of the
Corporation’s Common Stock for each trading day during the
three-day period ending on, and including, the Cut-Off Date,
rounded to two decimal places.
Of the $0.78 per share to be paid, $0.26 will be taxable
as ordinary income (including $0.10 from short-term capital gain)
and $0.52 will be taxable as long-term capital gain. Tax treatment
will be the same whether the distribution is received in stock or
cash. The final tax breakdown of all amounts paid during 2016 will
be available after year end.
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version on businesswire.com: http://www.businesswire.com/news/home/20161103006254/en/
Central Securities CorporationMarlene A. Krumholz,
212-698-2020Secretary
Central Securities (AMEX:CET)
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