Liquidating Distribution
On October 2, 2018, the Board of Directors (the “Board”) of Actua Corporation (the “Company”) approved a liquidating distribution of $0.15 per share to the Company’s stockholders of record as of the close of business on October 15, 2018 (the “Record Date”) in accordance with the Company’s previously announced Plan of Dissolution (the “Plan of Liquidation”) (such distribution, the “Liquidating Distribution”). The Liquidating Distribution is being made in light of the recent receipt of additional cash related to prior asset dispositions and the resolution of outstanding litigation on financial terms more favorable than originally anticipated. As previously announced, in accordance with the Plan of Liquidation, the Company’s stock transfer books were closed at the close of business on April 19, 2018 (the “Effective Time”), and no transfers of the Company’s common stock were recorded after the Effective Time except for transfers by will, intestate succession or operation of law and transfers initiated prior to the Effective Time that settled after the Effective Time. The Liquidating Distribution will be made on October 18, 2018.
The Company intends to make additional liquidating distributions to its stockholders from time to time if and when it monetizes its remaining assets. However, the Company cannot predict with certainty the amount and timing of any additional liquidating distributions. Based on the information currently available to it and taking into account the aforementioned cash proceeds receipt and litigation resolution, the Company now believes that the estimated additional distributions following the $0.15 Liquidating Distribution will be in the range of between $0.64 and $1.39 per share.
On October 4, 2018, the Company issued a press release announcing the approval of the Liquidating Distribution. A copy of the Company’s press release is attached hereto asExhibit 99.1 and is incorporated by reference herein.
Legal Notice Regarding Forward-Looking Statements
The statements contained in thisForm 8-K that are not historical facts are “forward looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995), which can be identified by the use offorward-looking terminology such as: “estimates,” “projects,” “anticipates,” “expects,” “intends,” “believes,” “plans,” “forecasts” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties, including statements reported in thisForm 8-K regarding the timing and amount of the Liquidating Distribution and future liquidating distributions, if any. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including the Company’s failure to effectuate the Liquidating Distribution in a timely manner or at all, the Company’s ability to monetize or otherwise dispose of its remainingnon-cash assets in a timely manner or at all, the Company’s ability to settle or otherwise resolve its liabilities and obligations, including contingent liabilities, with its creditors, and costs associated with implementing and the time required to implement the Plan of Liquidation. The Company assumes no obligation to update any forward-looking statement contained in thisForm 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
