KBS REIT Declares Final Liquidating Distribution
December 21, 2018 | James Sprow | Blue Vault
On December 18, 2018, the KBS REIT board of directors authorized a final liquidating distribution in the amount of $0.02386814 per share of common stock to the Company’s stockholders of record as of the close of business on December 18, 2018. This final liquidating distribution will be paid on or about December 20, 2018 and will be funded from the remaining net proceeds from the reserve fund established by the Company pursuant to the Plan of Liquidation.
On January 27, 2017, the stockholders of the Company approved the sale of all of the Company’s assets and the Company’s dissolution pursuant to the terms of the Company’s plan of complete liquidation and dissolution. On December 14, 2017, the Company’s board of directors authorized a liquidating distribution in the amount of $2.40 per share of common stock to the Company’s stockholders of record as of the close of business on December 14, 2017. This Liquidating Distribution was paid on or about December 19, 2017 and was funded from proceeds from asset sales.
On December 14, 2017, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $0.00, effective December 14, 2017, based on the authorization of the Liquidating Distribution of $2.40 per share and the amount of the reserve fund established by the Company pursuant to the Plan of Liquidation.
The Company established the reserve to pay potential unknown expenses and liabilities in liquidation. The final liquidating distribution represents the amount of the reserve remaining after all expenses and liabilities.
Source: SEC
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