CHARLOTTE, N.C., Sept. 22, 2011 /PRNewswire/ -- MedCath Corporation (Nasdaq: MDTH) announced that the company's stockholders today approved the proposals contained in a proxy statement filed with the Securities and Exchange Commission on August 17, 2011, authorizing the sale of substantially all of the remaining assets of MedCath and the dissolution of the company. MedCath also announced today that its Board of Directors approved a cash distribution equal to $6.85 per share, which will be paid October 13, 2011 to stockholders of record on October 6, 2011. The amount of the distribution is consistent with the amount of the anticipated initial distribution described in the proxy statement dated August 17, 2011. MedCath announced in March 2010 it had formed a Strategic Options Committee to consider the sale either of the entire company or its assets. Since that time, the company has announced 10 transactions. About MedCath MedCath Corporation, headquartered in Charlotte, N.C., is a health care provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates four hospitals with a total of 366 licensed beds, located in Arizona, California, Louisiana and Texas. This press release contains a forward-looking statement relating to the payment of a cash distribution to stockholders. The payment of this distribution is subject to various risks, including those described in MedCath's Annual Report on Form 10-K, as amended, and its subsequent filings with the Securities and Exchange Commission. Actual results could differ materially from those projected in this forward-looking statement. MedCath assumes no obligation to update statements contained in this press release. SOURCE MedCath Corporation
Shares of MedCath Corporation (Nasdaq:MDTH) were gapping down Friday morning with an open price 47.9% lower than Thursday's closing price. The stock closed at $14.07 yesterday and opened today's trading at $7.33.