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Loral Declares Distribution of $29.00 per Share
Distribution Payable December 4, 2012 to Shareholders of Record as of November 19, 2012
By: Marketwired .
Nov. 7, 2012 04:53 PM
NEW YORK, NY -- (Marketwire) -- 11/07/12 -- Loral Space & Communications Inc. (NASDAQ: LORL) today announced that, in connection with receipt of proceeds from the sale of its former subsidiary Space Systems/Loral, its Board of Directors has declared a special distribution of $29.00 per share for an aggregate distribution of up to $899.3 million. The distribution is payable on December 4, 2012 to holders of record of Loral voting and non-voting common stock as of November 19, 2012. As of November 6, 2012, there were outstanding 21,250,279 shares of Loral voting common stock, 9,505,673 shares of Loral non-voting stock and 256,098 stock options and restricted stock units.
Loral will hold a conference call with Chief Executive Officer Michael B. Targoff to discuss the company's status and answer shareholder questions at 11:00 am ET on Friday, November 9, 2012.
To participate, please dial (973) 200-3060 or toll free at (877) 831-3841 approximately ten minutes prior to the scheduled start of the call. A listen-only web cast of the call is available on the Investor Relations section of Loral's web site (http://investor.loral.com/events.cfm) under "Events & Presentations." A replay of the web cast will be available for 30 days.
About Loral Space & Communications Inc.
This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, the words "believes," "expects," "plans," "may," "will," "would," "could," "should," "anticipates," "estimates," "project," "intend" or "outlook" or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. In addition, Loral Space & Communications Inc. or its representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made from time to time with the Securities and Exchange Commission, and press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties which are described as "Risk Factors" and in the "Commitments and Contingencies" note to our financial statements in the current Form 10-K and in Loral's quarterly reports on Form 10-Q. The reader is specifically referred to these documents, as well as the Company's other filings with the Securities and Exchange Commission.
Risks and uncertainties include but are not limited to (1) risks associated with financial factors, including swings in the global financial markets, increases in interest rates and access to capital; (2) risks associated with satellite services, including dependence on large customers, launch delays and failures, in-orbit failures and competition; (3) regulatory risks, such as the effect of industry and government regulations that affect Telesat; (4) litigation risks, including patent litigation with ViaSat and (5) other risks, including a possible initial public offering at Telesat that could adversely affect the market for our common stock. The foregoing list of important factors is not exclusive. Furthermore, Loral operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond Loral's control.
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