TEL-AVIV, Israel, June 27, 2016 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced that its Board of
Directors has approved a plan to voluntary liquidate the Company
and distribute all of its net cash to shareholders on a pro rata
basis.
Net of all anticipated wind-down and liquidation expenses,
Metalink anticipates approximately $3.50
million to $4.05 million in net cash available for
distribution among all holders of ordinary shares after the
Company's liquidation process is complete. Since Metalink has
approximately 2.7 million shares outstanding, the anticipated net
cash available for distribution among all holders of ordinary
shares would be between $1.30 to
$1.50 per share.
The liquidation requires approval by shareholders (75% of all
shares voted) as well as the satisfaction of additional legal
requirements. In addition, as an Israeli corporation, Metalink's
cash distributions upon liquidation may be subject to Israeli
withholding tax at a rate of up to 30%, if applicable.
A shareholders' meeting to authorize the Company's voluntary
liquidation is tentatively targeted for August 2016. Metalink will publicly announce the
shareholders' meeting date and, in connection therewith, will send
to its shareholders of record a proxy statement describing the
various matters to be voted upon at the meeting, along with a proxy
card enabling them to indicate their vote on each matter. The
Company will also furnish copies of the proxy statement and proxy
card to the Securities and Exchange Commission (SEC) on Form 6-K,
which may be obtained for free from the SEC's website at
http://www.sec.gov. Shareholders are urged to read the proxy
materials, once available, because they will contain important
information about the liquidation, including its process, timing
and certain tax consequences.
ABOUT METALINK
Metalink shares are quoted on OTCQB under the symbol "MTLK". For
more information, please see our public filings at the SEC's
website at http://www.sec.gov .
SAFE HARBOR STATEMENT
This press release contains "forward looking statements" within
the meaning of the United States
securities laws. Words such as "aim," "expect," "estimate,"
"project," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believe," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. Because such statements deal with
future events, they are subject to various risks and uncertainties
that could cause actual results to differ materially from those in
the forward looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
liquidation plan of the Company, the amount of cash that will be
returned to shareholders, the timing of a liquidation process, the
timing of liquidation distribution(s), and other matters set forth
from time to time in Metalink's filings with the Securities and
Exchange Commission, including Metalink's Annual Report in Form
20-F. Readers are cautioned not to place undue reliance on
forward-looking statements. Except as required by applicable law,
the Company undertakes no obligation to republish or revise
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrences of unanticipated
events. The Company cannot guarantee future results, events, and
levels of activity, performance, or achievements.
Contact:
Shay Evron, Acting CEO & CFO
Metalink Ltd.
Tel: +972-3-7111690
Fax: +972-3-7111691
Shay.Evron@il.gt.com
SOURCE Metalink Ltd.
