ORLANDO, FL, June 13, 2013 â€“ The LGL Group, Inc. (NYSE MKT: LGL) (the â€śCompanyâ€ť) a globally diversified holding company with a history of operations dating back to 1914, today announced that it has been approached by an investment group interested in acquiring certain parts of its sole operating subsidiary, M-tron Industries, Inc. (known as â€śMtronPTIâ€ť), a designer and manufacturer of advanced frequency control components for the Aerospace, Defense (â€śAero/Defenseâ€ť) and Internet Communications Technology (â€śICTâ€ť) markets.
LGL Board of Directors Approves Warrant Dividend to Stockholders
LGL also announced today that its Board of Directors has declared a special dividend to stockholders in the form of warrants to purchase shares of the Companyâ€™s common stock at $10.00 per share, to be issued on or around July 15, 2013, to stockholders of record 4:30 p.m. ET as of July 1, 2013 (the â€śRecord Dateâ€ť). Each stockholder of the Companyâ€™s common stock will receive one warrant for every ten shares of common stock owned as of the Record Date (with the number of warrants rounded up to the nearest whole number). The Company intends for the warrants to be listed and traded on the NYSE MKT separately from the common stock, subject to NYSE MKT approval. Each warrant will have a three-year life and will entitle the holder to purchase one share of the Companyâ€™s common stock at $10.00 per share. The warrants, in the aggregate, will be exercisable for approximately 265,000 shares of the Companyâ€™s common stock.
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