Central Securities Corporation Declares Year-End Distribution
03 November 2023 - 9:15PM
Business Wire
Central Securities Corporation (NYSE American: CET), a
closed-end investment company, today declared a distribution of
$1.65 per share on its Common Stock.
The dividend is payable December 21, 2023 to stockholders of
record November 13, 2023. The distribution will be paid in
additional shares of stock unless stockholders elect to receive the
distribution in cash. The cut-off date for election of cash is
December 5, 2023 (the “Cut-Off Date”). Stockholders who own their
shares in brokerage accounts should make the election with their
broker.
The number of additional shares to which a stockholder will be
entitled if he receives the distribution in stock will be computed
as follows:
The number of shares held of record on
November 13, 2023 will be multiplied by $1.65. This amount will be
divided by the Reinvestment Price to determine the number of shares
to be received. The Reinvestment Price will be the lower of the
market value (as defined below) or the net asset value per share on
the Cut-Off Date. Cash will be paid in lieu of fractional
shares.
The market value will be the arithmetic
average of the daily volume weighted average price (“VWAP”) of the
Corporation’s Common Stock for each of the last three trading days
ending on, and including, the Cut-Off Date, rounded to two decimal
places.
Of the $1.65 per share to be paid, $0.45 is
expected to be taxable as ordinary income and $1.20 is expected to
be taxable as long-term capital gain. Tax treatment will be the
same whether the distribution is received in stock or cash. The
final tax breakdown of all amounts paid during 2023 will be
available after year end.
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version on businesswire.com: https://www.businesswire.com/news/home/20231103790270/en/
Central Securities Corporation Marlene A. Krumholz, Secretary
(212) 698-2020
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