Central Securities Corporation Declares Year-End Distribution
November 03 2021 - 4:15PM
Business Wire
Central Securities Corporation (NYSE American: CET), a
closed-end investment company, today declared a distribution of
$3.55 per share on its Common Stock.
The dividend is payable December 22, 2021 to stockholders of
record November 15, 2021. 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 2, 2021 (the “Cut-Off Date”). Stockholders who own their
shares in brokerage accounts should make the election with their
broker.
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 15, 2021 will be multiplied by $3.55. 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 of the last three trading days
ending on, and including, the Cut-Off Date, rounded to two decimal
places.
Of the $3.55 per share to be paid, $0.87 is expected to be
taxable as ordinary income (including $0.064 of short-term capital
gain) and $2.68 is expected to 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 2021 will be available after year end.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103006208/en/
Central Securities Corporation Marlene A. Krumholz, Secretary
(212) 698-2020
Central Securities (AMEX:CET)
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