Ableauctions Estimates Distributions to Total $1.25 - $1.5
Share If Reverse Share Exchange Consummated
January 25, 2010 05:50 PM Eastern Time
BURNABY, British Columbia--(EON: Enhanced Online News)--Ableauctions.com Inc. (NYSE AMEX: AAC) (the “Company”)
that, if the acquisition of SinoCoking is consummated, the Company will transfer its remaining assets into a liquidating entity for the p
liquidating the assets, paying any liabilities and distributing the net proceeds to its shareholders.
The Company announced on December 21, 2009 that it had established December 30, 2009 as the record date for determining the
will be entitled to receive distributions from the liquidating entity. However, no record date is required for determining the sharehold
entitled to receive distributions from the liquidating entity. Instead, all distributions from the liquidating entity will be payable to the sh
Ableauctions who hold shares immediately prior to the closing date of the Acquisition (the “Old Shareholders”).
The Old Shareholders will also, collectively, own approximately 3% of the Company’s outstanding common stock following the anti
reverse stock split set to occur on the closing date. Upon completion of the Acquisition, the Company would own 100% of the busi
operations of SinoCoking, a China-based coke and coal producer. For further information, readers should review the Company’s d
statement filed with the SEC on November 27, 2009.
The Company estimates it will make total distributions of approximately $1.25 to $1.50 per share from the liquidating entity to the
over an unspecified period of time, if the Acquisition closes. Because the amount of the distributions will be based on the amount re
liquidating entity for the sale of the assets, less the costs, expenses (including expenses related to currency conversion) and fees attri
sales and the expenses attributable to the liquidating entity, the Company cannot provide more than an estimate to the Old Sharehol
distribution amount, based on its current know