CIBL Announces Preliminary Results of its Modified Dutch Auction
Tender Offer
RENO, Nev., Dec. 13, 2012 /PRNewswire/ -- CIBL, Inc.
("CIBL") (PINK: CIBY) announced today the preliminary results of
its modified Dutch Auction tender offer, commenced November 14, 2012, to purchase for cash up to
7,000 shares of its outstanding common stock, $0.01 par value, at a price per share of not less
than $820.00 nor greater than
$860.00. The tender offer
expired at 12:00 Midnight, Eastern Time, on December 12, 2012.
Based on the preliminary count by Computershare Trust Company,
N.A., the Depositary for the tender offer, approximately
2,421 shares of common stock were validly tendered and not
properly withdrawn at or below the final purchase price of
$860.00 per share, including
approximately 292 shares that were tendered through notice of
guaranteed delivery. Since the tender offer was not fully
subscribed, no proration is required and all shares validly
tendered and not properly withdrawn will be accepted for purchase.
All of the shares to be purchased in the tender offer will be
purchased at the same price of $860.00 per share. As such, CIBL expects to
accept for purchase approximately 2,421 shares of its common stock
at a purchase price of $860.00 per
share for a total cost of approximately $2.1
million, excluding fees and expenses related to the tender
offer.
Following consummation of the tender offer, CIBL expects to have
approximately 22,152 shares of common stock outstanding.
The number of shares validly tendered and not properly withdrawn
is preliminary and is subject to verification by the Depositary and
to the proper delivery of all shares validly tendered and not
properly withdrawn (including shares tendered pursuant to
guaranteed delivery procedures). The actual number of shares
validly tendered and not properly withdrawn will be announced
promptly following completion of the verification process.
Promptly after such announcement, the Depositary will issue payment
for the shares validly tendered and accepted under the tender
offer.
Investor questions concerning the tender offer may be directed
to the information agent, Morrow & Co., LLC, at (800) 245-1502
or cibl.info@morrowco.com.
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This release contains certain forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including without limitation anticipated corporate
transactions. It should be recognized that such information may be
based upon certain assumptions, projections and forecasts
regarding, among other things, business conditions and financial
markets, and must be read in conjunction with the cautionary
statements set forth in documents filed by CIBL on its website,
www.ciblinc.com. As a result, there can be no assurance that any
possible transactions will be accomplished, and such information is
subject to uncertainties, risks and inaccuracies, which could be
material.
CIBL is a holding company with subsidiaries in television
broadcasting. CIBL is listed on the Pink Sheets© under the symbol
CIBY. CIBL's telephone number is (775) 664-3700.
Contact:
Robert E. Dolan
Interim Chief Executive Officer and
Interim Chief Financial Officer
(775) 664-3700
1892501-4
SOURCE CIBL, Inc.