NOVATO, Calif., Aug. 20, 2015 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ:HNNA) today announced the commencement
of a self-tender offer to purchase up to 1,000,000 shares, or
approximately 17% of its outstanding common stock, for a price of
$25.00 per share. The Company intends
to finance this self-tender offer with an expansion of its current
loan as well as with a portion of available cash from its balance
sheet. The self-tender offer will expire at 5:00 P.M., Eastern Time, on September 18, 2015, unless extended or
withdrawn.
The Board of Directors determined that it is in the best
interests of the shareholders and the Company to repurchase shares
at this time given the Company's financial performance, the
relative illiquidity of the Company's common stock, and the
Company's access to debt capital.
Hennessy Advisors has retained Computershare Inc. and its wholly
owned subsidiary, Computershare Trust Company, N.A., as the
Depositary for the self-tender offer, and Georgeson, Inc. as the
Information Agent.
Copies of the Offer to Purchase, the related letter of
Transmittal and the Notice of Guaranteed Delivery are being mailed
to the Company's shareholders. Additional copies of the Offer to
Purchase, the related Letter of Transmittal and the Notice of
Guaranteed Delivery may be obtained at the Company's expense from
the Information Agent at (800) 932-9864 (toll free).
Questions regarding this self-tender offer should be directed to
the Information Agent at the same number.
Certain Information Regarding the Self-Tender Offer
Neither Hennessy Advisors, Inc., nor its officers, employees,
directors, the Information Agent, or the Depositary makes any
recommendation as to whether shareholders should tender shares in
this self-tender offer. Shareholders will be able to obtain a
copy of the Schedule TO, Offer to Purchase and related materials
filed by Hennessy Advisors, Inc. as part of the self-tender offer
and other documents filed with the Securities Exchange Commission
("SEC") through the SEC's website at www.sec.gov, without charge
when these documents become available or by calling the Information
Agent at (800) 932-9864 (toll free). Shareholders and investors who
have questions or need assistance may call the Information Agent at
(800) 932-9864 (toll free) or may also contact their broker,
dealer, commercial bank, trust company or other nominee for
assistance concerning the self-tender offer.
SHAREHOLDERS ARE URGED TO CAREFULLY READ THE SELF-TENDER OFFER
MATERIALS (INCLUDING THE SCHEDULE TO, OFFER TO PURCHASE, LETTER OF
TRANSMITTAL AND RELATED SELF-TENDER OFFER DOCUMENTS) DATED
AUGUST 20, 2015 THAT HENNESSY
ADVISORS, INC. WILL DISTRIBUTE TO ITS SHAREHOLDERS AND FILE
WITH THE SEC AND ANY OTHER DOCUMENTS HENNESSY ADVISORS, INC. FILES
WITH THE SEC PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE
SELF-TENDER OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
CONCERNING THE TERMS OF THE SELF-TENDER OFFER.
This press release is for informational purposes only and is not
an offer to buy or a solicitation of an offer to sell any shares of
Hennessy Advisors, Inc. common stock. The solicitation and offer to
buy shares of Hennessy Advisors, Inc. common stock will only be
made pursuant to the offer to purchase and related self-tender
offer materials that Hennessy Advisors, Inc. will send to its
shareholders. Shareholders should read those materials carefully
because they contain important information, including the various
terms and conditions of the self-tender offer.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager
offering a broad range of domestic equity, balanced and fixed
income, and sector and specialty mutual funds. Hennessy Advisors,
Inc. is committed to superior service to shareholders and a
consistent and repeatable investment process, combining time-tested
stock selection strategies with a highly disciplined, team-managed
approach.
Supplemental Information
Nothing in this press release shall be considered a solicitation
to buy or an offer to sell a security to any person in any
jurisdiction where such offer, solicitation, purchase or sale would
be unlawful under the securities laws of such jurisdiction.
Available Topic Expert(s): For information on the listed
expert(s), click appropriate link.
Neil J. Hennessy
http://www.profnetconnect.com/neil_hennessy
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SOURCE Hennessy Advisors, Inc.