What does this mean?
Ex-Dividend Date for Previously Announced Special Cash Dividend
The Company has been advised by NASDAQ that an ex-dividend date of June 5, 2013 has been established for the $1.60 special cash dividend per share that was announced by the Company on April 23, 2013. As previously announced, the $1.60 special cash dividend per share is payable on June 4, 2013 to stockholders of record as of May 7, 2013.
If someone buys the stock after May 3, 2013 are they entitled for the dividend?
BBilly, I would like your thoughts on this from todays 8k. They sold PEGylation, PEG-SN38 and LNA. I went back and read your prior posts as you suggested. I know you believed that this technology might have been their "Ace in the Hole". It appears they sold it for less than 2 cents a share and some undefined future payments.
I see the company is now down to about a dozen people. There does not appear to be a company or promising technology left to sell. Just a stream of income that will be decreasing every year. Why would anybody buy that income stream unless they get it dirt cheap?
As I stated before, it seems clear they have no intention of staying in business. Just a shell company collecting the remaining royalties. It feels like the end of the road for Enzon. Have I missed something important?
From todays 8K -
"On April 30, 2013, pursuant to the terms of an asset purchase agreement entered into on the same date (the “ Agreement ”), Enzon Pharmaceuticals, Inc. (the “ Company ”) completed the sale of all of its right, title and interest in its Customized PEGylation Linker Technology platform and related assets to Belrose Pharma Inc. (“ Belrose ”). The assets sold include (i) intellectual property and know-how associated with the PEGylation platform (including certain patents), (ii) patents and know-how related to PEG-SN38, (iii) patents and know-how associated with certain of the Company’s internal clinical programs and (iv) certain related supplies and equipment. In addition, the Company assigned to Belrose the Company’s existing license agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. Under the Agreement, the Company also agreed to sell all of its right, title and interest in the Locked Nucleic Acid (LNA) Technology platform and related assets to Belrose at a second closing, provided that prior to July 15, 2013, the Company enters into an agreement with Santaris Pharma A/S (“ Santaris ”) to resolve any contractual obligations"..
I agree, mostly. 2 things: 1st, although they sold the tech, if Belrose ever generates revenue from the tech, enzon gets some royalties it sounds like. 2nd, what does 'aggregate upfront consideration' mean? the 'aggregate upfront consideration' is 800k-- is that the same as total sale price? I'm not sure.
I found the other part of the 8-k much more interesting? 800k sale to Belrose? seems like a low price for what they're giving up, but maybe future payments from Hisun could still be significant. Overall, I don't like it much. Surprised they couldn't get more.
Yes $800K is rediculous, rediculous isn't really near the description.
Belrose Pharma Inc. on first look appears to be a 2 month old Delaware Corporation. It has to be ultimately owned by the 5 5% holders. I can't see anyone of them being left out of thist deal and not immediately bringing a law suit.
Be interesting to see if all the other institutions take this without a fight.
This is as blatant a swindle as I've ever seen or heard of, this is one for Sixty Minutes!
Yes, you will get the dividend payment as long as you hold the stock prior to the ex-div date. If you sell the stock anytime before June 5th, you will not get the dividend. But if you sell the stock on June 5th, you will get the dividend.
On June 5th, NASDAQ will automatically lower the share price by $1.60.