Liquidating plan

The Fund intends to sell no more than approximately 50% of the Alibaba Shares it holds prior to receiving stockholder approval of the liquidation and dissolution pursuant to the Plan and to sell its remaining Alibaba Shares after stockholder approval, except that any Alibaba Shares it does not need to sell to cover the reserve amounts may instead be distributed in kind.The Fund intends to sell its Alibaba Shares through open market transactions and/or through private dispositions not executed or recorded on a public exchange or quotation service.The Fund seeks to do this by reducing the discount at which shares of the Fund’s common stock, par value

The right next action for shareholders is the Plan we are announcing today as it represents the most definitive step, generally within our control, that we could take to reduce the discount to net asset value at which our Shares trade.” If the liquidation and dissolution pursuant to the Plan is approved by the Fund’s stockholders, the Fund expects to: Prior to making any pre-dissolution liquidating distribution, the Fund plans to sell not less than a sufficient number of Alibaba Shares to ensure that the Fund has sufficient liquid assets to cover the maximum potential reserves that might be required by the Court to satisfy the Fund’s known, contingent and potential future claims and to fund the cash portion of such distribution.The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.To address the creditors’ concerns, attorneys for Sears said the retailer would be considering offers for its business from liquidation firms that sell companies’ assets in pieces and shut them down.The retailer late Wednesday filed papers with the court showing that it had secured an additional 0 million bankruptcy loan from Great American Capital Partners, an affiliate of liquidation specialist Great American Group.The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets.

.001 per share (the “Shares”), trade relative to the underlying value of its net assets while simplifying its net asset base and returning capital to its stockholders in ways that are accretive and increase stockholder value.The Fund has pursued a number of strategies with the goal of achieving its investment objective, including by repurchasing the Shares, both in the open market and through an exchange offer of American Depository Shares (“ADSs”) of Alibaba Group Holding Limited (“Alibaba”) and cash for Shares, the simplification of the Fund through the disposition of assets (other than its position in Alibaba) and the resolution of certain actual and contingent liabilities, and through other means.About Altaba Altaba is an independent, publicly traded, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940.The Fund’s assets primarily consist of a substantial position in Alibaba, which has become one of the world’s largest online retailers. after the sale of its operating businesses, at which time Yahoo! reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA. Additional Information about the Dissolution and Where to Find It In connection with the proposed liquidation and dissolution of the Fund pursuant to the Plan, the Fund intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A.The Fund intends to file a proxy statement with the U. Securities and Exchange Commission (the “SEC”) with respect to a special meeting of stockholders to seek stockholder approval of the liquidation and dissolution pursuant to the Plan.As previously disclosed in the Fund’s public filings with the SEC, the Fund’s investment objective is to increase the price per share at which it trades relative to the then-current value of the Fund’s underlying assets.

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The right next action for shareholders is the Plan we are announcing today as it represents the most definitive step, generally within our control, that we could take to reduce the discount to net asset value at which our Shares trade.” If the liquidation and dissolution pursuant to the Plan is approved by the Fund’s stockholders, the Fund expects to: Prior to making any pre-dissolution liquidating distribution, the Fund plans to sell not less than a sufficient number of Alibaba Shares to ensure that the Fund has sufficient liquid assets to cover the maximum potential reserves that might be required by the Court to satisfy the Fund’s known, contingent and potential future claims and to fund the cash portion of such distribution.

The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.

To address the creditors’ concerns, attorneys for Sears said the retailer would be considering offers for its business from liquidation firms that sell companies’ assets in pieces and shut them down.

The retailer late Wednesday filed papers with the court showing that it had secured an additional $350 million bankruptcy loan from Great American Capital Partners, an affiliate of liquidation specialist Great American Group.

The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets.

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The right next action for shareholders is the Plan we are announcing today as it represents the most definitive step, generally within our control, that we could take to reduce the discount to net asset value at which our Shares trade.” If the liquidation and dissolution pursuant to the Plan is approved by the Fund’s stockholders, the Fund expects to: Prior to making any pre-dissolution liquidating distribution, the Fund plans to sell not less than a sufficient number of Alibaba Shares to ensure that the Fund has sufficient liquid assets to cover the maximum potential reserves that might be required by the Court to satisfy the Fund’s known, contingent and potential future claims and to fund the cash portion of such distribution.The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.To address the creditors’ concerns, attorneys for Sears said the retailer would be considering offers for its business from liquidation firms that sell companies’ assets in pieces and shut them down.The retailer late Wednesday filed papers with the court showing that it had secured an additional $350 million bankruptcy loan from Great American Capital Partners, an affiliate of liquidation specialist Great American Group.The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets.

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