Altaba Announces Stockholder Approval of Plan of Complete Liquidation and Dissolution
Approval of the liquidation and dissolution of the Fund pursuant to the Plan required the affirmative vote by holders of a majority of the outstanding shares of the Fund’s common stock entitled to vote on the proposal. Approximately 55% of the outstanding shares of the Fund’s common stock as of
The Fund currently intends to continue its sales of Alibaba Group Holding Limited’s (“Alibaba”) American Depositary Shares (the “Alibaba Shares”) through open market transactions and/or through private dispositions not executed or recorded on a public exchange or quotation service. Through
The Fund expects to continue providing stockholders with weekly updates on the number of Alibaba Shares sold. The updates will be provided on the Altaba.com website in the section titled “Holdings”. The amount, timing and method of
The Fund currently expects to make a pre-dissolution liquidating distribution late in the third quarter, although this timing is subject to Board discretion and could change. Prior to making such a distribution the Fund will announce the record date and the amount of cash and/or the number of Alibaba Shares to be distributed. Such announcements and further information regarding the liquidation and dissolution of the Fund will be provided in subsequent press releases or filings with the
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document contains forward-looking statements concerning the Fund’s proposed liquidation and dissolution pursuant to the Plan. These statements are not statements of historical facts and do not reflect historical information. Forward-looking statements are subject to numerous risks and uncertainties and actual results may differ materially from those statements. Such risks and uncertainties relate to, among other things: the availability, timing and amount of liquidating distributions; the amounts that will need to be set aside by the Fund; the adequacy of such reserves to satisfy the Fund’s obligations; the ability of the Fund to favorably resolve certain potential tax claims, litigation matters and other unresolved contingent liabilities of the Fund; the amount of proceeds that might be realized from the sale or other disposition of the Fund’s primary asset, its Alibaba shares; the application of, and any changes in, applicable tax laws, regulations, administrative practices, principles and interpretations; the incurrence by the Fund of expenses relating to the liquidation and dissolution; and the ability of the Board to abandon, modify or delay implementation of the Plan prior to filing the certificate of dissolution. Further information regarding the risks, uncertainties and other factors that could cause actual results to differ from the results in these forward-looking statements are discussed under the section “Risk Factors” in the proxy statement that was filed with the
The Fund does not undertake any obligation to update or supplement such forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Because the Fund is an investment company, the forward-looking statements and projections in this press release are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.
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