SeaCo Ltd. Announces Second Liquidating Distribution of $0.05 per share
HAMILTON, Bermuda, March 18, 2013 /PRNewswire/ -- SeaCo Ltd. (OTC: SEAOF) (the "Company" or "SeaCo") announced that its Board of Directors had declared a second liquidating distribution of $0.05 per common share, which will be paid on April 10, 2013, to shareholders of record at the close of business on April 1, 2013. The aggregate distribution will total approximately $33 million based on the number of shares of common stock currently outstanding. This liquidating distribution will be made pursuant to the Plan of Liquidation of SeaCo Ltd., approved by the Company's stockholders on August 17, 2011.
The liquidating distribution announced today represents a partial distribution of proceeds totaling approximately $34 million that SeaCo has received from a trust established under the Plan of Reorganization of Sea Containers Ltd. ("Sea Containers") that was funded with SeaCo shares for possible distribution to certain claimants against Sea Containers. These proceeds represent the return of certain distributions made by the Company to the trust in January 2012, on account of approximately 53 million SeaCo shares then held by the trust, which have since been canceled. Following the cancellation of these shares, approximately 661 million shares remain outstanding.
Substantially all of the Company's assets were sold in December 2011. Pursuant to the terms of the sale, approximately $41 million of the sale proceeds were placed into escrow. To SeaCo's knowledge, no claims have been made upon the escrowed amount.
About SeaCo Ltd.
SeaCo Ltd. is a Bermuda based shipping container investment and leasing group, which was formed in February 2009 to hold the existing container leasing investments of Sea Containers Ltd., following its U.S. Chapter 11 reorganization. Additional information is available at: www.seacoltd.com.
Forward Looking Statements
This press release may contain "forward-looking statements". The words "may," "could," should," "would," "believe," anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements are subject to certain risks and uncertainties and are subject to change based on various factors, many of which are beyond the control of SeaCo Ltd. These risks and uncertainties include, but are not limited to, the Company's ability to convert its remaining assets into cash, possible contingent liabilities and post-closing indemnification and other obligations arising from the sale of the Company's businesses, risks associated with the liquidation and dissolution of the Company, the Company's ability to settle, make reasonable provision for or otherwise resolve its liabilities and obligations, the amount of income earned on the Company's cash and cash equivalents and short-term investments and expenses incurred. SeaCo Ltd. undertakes no duty to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.
SOURCE SeaCo Ltd.