MMC Energy (MMCE) Completes Sale of GE Turbines; Anticipates Being Permanently Suspended by NASDAQ
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MMC Energy, Inc. (Nasdaq: MMCE) has completed the sale of its two GE LM6000 PC Sprint turbines for $26.65 million to a subsidiary of Pro Energy.
The sale of the turbines was part of a process to liquidate the Company's remaining assets as contemplated by the liquidation plan of the Company, which plan was overwhelmingly approved at a shareholders' meeting held on September 14, 2009. MMC Energy had previously announced the completion of the sale of its Chula Vista and Escondido electric generating facilities and certain other assets for $4,865,500 to affiliates of Wellhead Electric Company, Inc.
As previously announced, with the turbine sale completed, the Company will now make the first of at least two liquidating dividend payments to shareholders. The Board of Directors today approved the amount of the first distribution to be $1.35 per share. The Company expects to fund its payment agent, Continental Stock, Transfer & Trust Company, today and that the distributions will reach beneficial owner accounts within 3-5 business days. Registered shareholders who hold paper share certificates directly will be required to turn in their shares with other required paperwork which will be mailed to them promptly along with detailed instructions.
The Company has also revised its range of expected aggregate distributions to be $1.45-$1.60 per share.
As previously announced, coincident with closing the turbine sale, we anticipate trading in our common stock will be permanently suspended by the NASDAQ Global Market, effective at the close of trading today. [SM]
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