RENO, Nev., Jan. 9, 2014 /PRNewswire/ -- CIBL, Inc. ("CIBL") (PINK: CIBY) announced today the preliminary results of its modified Dutch Auction tender offer (the "Offer"), commenced December 9, 2013, to purchase for cash up to 2,200 shares of its outstanding common stock, $0.01 par value, at a price per share of not less than $1,300 nor greater than $1,350. The Offer expired at 5:00 p.m., Eastern Time, on January 8, 2014.
Based on the preliminary count by Computershare Trust Company, N.A., the Depositary for the Offer, 2,286 shares of CIBL common stock were validly tendered and not properly withdrawn at or below the purchase price of $1,300 per share, including 15 shares that were tendered through notice of guaranteed delivery. As provided by the terms of the Offer, in addition to the stated limit of 2,200 shares, CIBL expects to purchase an additional 86 shares tendered at $1,300 per share by exercising its right to purchase up to an additional 2% (432 shares) of its outstanding stock. Thus, in total (assuming that the notice of guaranteed delivery shares are actually tendered), CIBL expects to purchase 2,286 shares at a purchase price of $1,300, for a total cost of $2,971,800, excluding fees and expenses related to the Offer.
The number of shares validly tendered and not properly withdrawn is preliminary and is subject to final verification by the Depositary, and to the proper delivery of all shares validly tendered pursuant to guaranteed delivery procedures. The total number of shares validly tendered and not properly withdrawn will be announced promptly following the expiration of the notice of guaranteed delivery period and final verification of the results. Promptly after such announcement, the Depositary will issue payment for the shares validly tendered and accepted under the Offer. Shares tendered and not accepted for purchase will be returned promptly to stockholders by the Depositary.
Investor questions concerning the Offer should be directed to the information agent, Morrow & Co., LLC, at (800) 245-1502 or email@example.com.
This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation anticipated corporate transactions. It should be recognized that such information may be based upon certain assumptions, projections and forecasts regarding, among other things, business conditions and financial markets, and must be read in conjunction with the cautionary statements set forth in documents filed by CIBL on its website, www.ciblinc.com. As a result, there can be no assurance that any possible transactions will be accomplished, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
CIBL is a holding company with subsidiaries in television broadcasting. CIBL is listed on the Pink Sheets© under the symbol CIBY. CIBL's telephone number is (775) 664-3700.
Robert E. Dolan
SOURCE CIBL, Inc.