BNS Holding Announces Stockholder Distribution
LOS GATOS, Calif., June 15, 2012 /PRNewswire/ -- BNS Holding, Inc. (Other OTC: BNSSA) ("BNS") announced today that after establishing a reserve for all of its claims and obligations, it will distribute on June 18, 2012 substantially all of its assets to BNS stockholders of record as of June 15, 2012. The ex-dividend date for the distribution will be June 19, 2012.
As part of the distribution, BNS will distribute cash to BNS stockholders unaffiliated with Steel Partners Holdings L.P. and its affiliates (the "Steel Parties"), in an aggregate amount of $10.3 million or approximately $473.48 per share. The Steel Parties will receive the shares of Steel Excel Inc. ("Steel Excel") issued to BNS as consideration in part for the transfer of BNS's wholly-owned subsidiary, Sun Well Services, Inc., to Steel Excel that occurred on May 31, 2012.
BNS intends to liquidate and dissolve on or about June 26, 2012. BNS does not intend to distribute any additional assets to BNS stockholders after the June 18, 2012 distribution. As previously announced, BNS intends to create a liquidating trust to facilitate its dissolution and liquidation promptly after it files its certificate of dissolution. BNS then intends to transfer all remaining assets and liabilities of BNS to such liquidating trust, of which BNS's stockholders will become the holders of beneficial interests in the trust. BNS stockholders as of the date of the dissolution will be required to deliver their shares to BNS's transfer agent in order to receive their beneficial interest in the liquidating trust. BNS will mail to stockholders the means to deliver their shares to BNS's transfer agent in order to receive their beneficial interest in the liquidating trust. BNS does not expect that the liquidating trust will make any distribution of meaningful value for the foreseeable future.
BNS Holding, Inc.
Terry Gibson, 401-848-6300 (Chief Executive Officer)
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