FRMO – Horizon Kinetics Share Exchange
On April 16, 2013, the Company announced an agreement with Horizon Kinetics LLC to exchange certain privately held units of Horizon Kinetics for common shares of FRMO based upon pre-determined prices of each. The exchange period expired on May 31, 2013 resulting in FRMO owning 4.95% of Horizon Kinetics and the individual Horizon Kinetics’ unit sellers receiving 2,387,715 shares of FRMO common stock. Immediately prior to the exchange, FRMO held a 0.86% interest in Horizon Kinetics.
August Release of FRMO’s Year-End Audited Financial Statement
It is expected that the audited Report on Consolidated Financial Statements for FRMO and its Subsidiary, Fromex Equity Corp, will be released in August. The Company believes that, with the above-referenced gain, the Report will reflect material increases over the previous year-end in Net Income, Total Stockholders’ Equity and Book Value per share.Annual Meeting of Shareholders to be Held on August 27, 2013 The Company will hold its Annual Meeting of Shareholders on Tuesday, August 27, 2013 at 3 PM at The Harvard Club, 35 West 44 th Street in New York City to elect its Board of Directors for the ensuing year. At the meeting, the Executive Officers will review the Company’s Fiscal 2013 financial results and outlook for the future. They will be available to answer shareholder questions and, as is the case for quarterly conference calls, a transcript of the meeting will be posted on the Company’s website: www.frmocorp.com. The Proxy Statement and the formal Notice of the Shareholders Meeting will be distributed on or about Wednesday, July 31, 2013. About FRMO Corp. FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector. FRMO has 43,255,972 shares of common stock outstanding.