Hemlock Federal Financial Corporation Offers to Buy Up to 200,000 Shares of Its Common Stock
2004年3月17日 - 6:40AM
PRニュース・ワイアー (英語)
Hemlock Federal Financial Corporation Offers to Buy Up to 200,000
Shares of Its Common Stock OAK FOREST, Ill., March 16
/PRNewswire-FirstCall/ -- Hemlock Federal Financial Corporation
announced today that its Board of Directors has authorized the
repurchase of up to 200,000 shares of its common stock, which
represents 20 percent of its 974,168 outstanding shares. The
repurchase will be made through a Tender offer for shares. Under
this procedure, Hemlock Federal Financial Corporation stockholders
will be given the opportunity to sell part or all of their shares
with no commission to the Corporation at a price of $29 per share.
Management and the Board of Directors believe that this price was
fair to our stockholders in light of the recent trading activity of
our stock. The aggregate purchase price, if 200,000 shares are
purchased, would be $5.8 million. The offer to purchase shares will
expire at 5:00 p.m. New York City time on April 26, 2004 unless
extended by the Corporation. Under the procedures for the Tender,
stockholders may offer to sell all or a portion of the shares they
own at the $29 price specified in the Tender. Upon the expiration
of the offer, all shares purchased in the offer will receive the
same price. If the numberof shares tendered is greater than 200,000
shares, the Company will first acquire shares held by persons who
own 100 shares or less and then will acquire shares from tendering
shareholders on a pro rata basis. This offer is not conditioned
upon any minimum number of shares being tendered. Maureen G.
Partynski, Hemlock Federal's Chairman and Chief Executive Officer,
stated, "Hemlock Federal is making the tender offer because its
Board of Directors believes that the purchase of shares pursuant to
theoffer will reduce the number of shareholders to fewer than 300.
If there are fewer than 300 shareholders of record after the
completion of this tender, the Board intends to deregister the
Company's common stock with the Securities and Exchange Commission.
As a result, the Company would no longer be required to file
periodic reports with the SEC, including, among other reports, Form
10-K and Forms 10-Q. Becoming a deregistered company will eliminate
the substantial time and costs attendant to maintaining our status
as a public reporting company." If this offer does not result in
the reduction of the number of shareholders necessary for the
company to deregister with the Commission, the Board of Directors
will likely consider additional alternatives to achieve this result
if it remains in the Company's best interests, including a reverse
stock split. The Company believes that if they deregister the stock
that the common stock will no longer qualify to be traded or quoted
on the NASDAQ Small Cap Market. In that case, the stock is expected
to be quoted on the OTC Bulletin Board. More information will be
mailed to shareholders on or about March 26, 2004. Hemlock Federal
Financial Corporation is a savings and loan holding company based
in OakForest, Illinois and has approximately $316 million in total
assets. Its subsidiary bank, Hemlock Federal Bank for Savings has 6
offices, located in Cook County, Illinois. Keefe, Bruyette &
Woods, Inc. will act as the dealer manager and information agent
for the offer, and Registrar and Transfer Company will be the
depositary for the shares tendered. Questions to or requests for
assistance may be directed to Keefe, Bruyette & Woods, Inc.,
toll free at (877) 298-6520. This announcement is neither an offer
to purchase nor a solicitation of an offer to sell shares of
Hemlock Federal Financial Corporation common stock. The offer is
made solely by the Offer to Purchase dated March 26, 2004 and the
related Letter of Transmittal. DATASOURCE: HemlockFederal Financial
Corporation CONTACT: Maureen G. Partynski, Chairman and CEO, or
Michael R. Stevens, President, both of Hemlock Federal Financial
Corporation, +1-708-687-9400 Web site: http://www.hemlockbank.com/
Copyright
Hemlock Federal Financial (NASDAQ:HMLK)
過去 株価チャート
から 9 2024 まで 10 2024
Hemlock Federal Financial (NASDAQ:HMLK)
過去 株価チャート
から 10 2023 まで 10 2024
Real-Time news about Hemlock Federal Financial (MM) (ナスダック市場): 0 recent articles
その他のHemlock Federal Financial (MM)ニュース記事