This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SeaCo Ltd. Announces Second Liquidating Distribution Of $0.05 Per Share

HAMILTON, Bermuda, March 18, 2013 /PRNewswire/ -- SeaCo Ltd. (OTC: SEAOF) (the "Company" or "SeaCo") announced that its Board of Directors had declared a second liquidating distribution of $0.05 per common share, which will be paid on April 10, 2013, to shareholders of record at the close of business on April 1, 2013. The aggregate distribution will total approximately $33 million based on the number of shares of common stock currently outstanding. This liquidating distribution will be made pursuant to the Plan of Liquidation of SeaCo Ltd., approved by the Company's stockholders on August 17, 2011.

The liquidating distribution announced today represents a partial distribution of proceeds totaling approximately $34 million that SeaCo has received from a trust established under the Plan of Reorganization of Sea Containers Ltd. ("Sea Containers") that was funded with SeaCo shares for possible distribution to certain claimants against Sea Containers.  These proceeds represent the return of certain distributions made by the Company to the trust in January 2012, on account of approximately 53 million SeaCo shares then held by the trust, which have since been canceled.  Following the cancellation of these shares, approximately 661 million shares remain outstanding. 

Substantially all of the Company's assets were sold in December 2011.  Pursuant to the terms of the sale, approximately $41 million of the sale proceeds were placed into escrow.  To SeaCo's knowledge, no claims have been made upon the escrowed amount.

About SeaCo Ltd.

SeaCo Ltd. is a Bermuda based shipping container investment and leasing group, which was formed in February 2009 to hold the existing container leasing investments of Sea Containers Ltd., following its U.S. Chapter 11 reorganization.  Additional information is available at:

Forward Looking Statements

This press release may contain "forward-looking statements". The words "may," "could," should," "would," "believe," anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements are subject to certain risks and uncertainties and are subject to change based on various factors, many of which are beyond the control of SeaCo Ltd. These risks and uncertainties include, but are not limited to, the Company's ability to convert its remaining assets into cash, possible contingent liabilities and post-closing indemnification and other obligations arising from the sale of the Company's businesses, risks associated with the liquidation and dissolution of the Company, the Company's ability to settle, make reasonable provision for or otherwise resolve its liabilities and obligations, the amount of income earned on the Company's cash and cash equivalents and short-term investments and expenses incurred.  SeaCo Ltd. undertakes no duty to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,948.90 +36.61 0.22%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,756.0790 -35.0730 -0.73%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs