NOVATO, Calif., Sept. 25, 2015 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ:HNNA) today announced the final results
of its self-tender offer to repurchase up to 1,000,000 shares of
its outstanding common stock, which expired at 5:00 P.M., Eastern Time, on September 18, 2015.
In accordance with the terms and conditions of the self-tender
offer, Hennessy Advisors has accepted for purchase a total of
1,000,000 shares of its common stock, representing approximately
17% of its issued and outstanding shares as of August 19,
2015, at a purchase price of $25.00
per share. Payment for the shares accepted for purchase under the
self-tender offer will be made promptly, at a total cost to the
company of $25,000,000, excluding
fees and expenses related to the offer.
Based on the final count by Computershare Inc. and its wholly
owned subsidiary, Computershare Trust Company, N.A., the Depositary
for the self-tender offer, an aggregate of 1,805,122 shares were
properly tendered and not properly withdrawn. Because more than
1,000,000 shares of common stock were properly tendered and not
properly withdrawn, the self-tender offer was oversubscribed.
Therefore, pursuant to the terms of the self-tender offer,
shares were accepted for purchase on a pro rata basis, except for
tenders of odd lots, which were accepted in full, and except for
certain conditional tenders automatically regarded as withdrawn
pursuant to the terms of the self-tender offer. Computershare
has informed the company that the final proration factor for the
self-tender offer, after giving effect to the priority for odd lots
and certain conditional tenders automatically regarded as
withdrawn, is approximately 53.3%. Hennessy Advisors will
promptly pay for the shares accepted for purchase and return to
tendering shareholders any shares tendered and not purchased.
Hennessy Advisors expects to have approximately 5,046,628 shares
of its common stock outstanding immediately following consummation
of the self-tender offer. The total number of shares purchased in
the self‑tender offer includes 251,373 shares tendered by the
Chairman of the Board, President and Chief Executive Officer of the
company, Neil J. Hennessy, and an
aggregate of 86,909 shares tendered by the firm's other officers
and directors.
Hennessy Advisors may purchase additional shares in the future
in the open market subject to market conditions and in private
transactions, tender offers or otherwise. Under applicable
securities laws, however, the company may not repurchase any shares
until October 2, 2015. Whether
the company makes additional repurchases in the future will depend
on many factors, including the number of shares purchased in this
self-tender offer, its business and financial performance and
situation, the business and market conditions at the time,
including the price of the shares, and other factors the company
considers relevant.
Hennessy Advisors retained Computershare as the Depositary for
the self-tender offer, and Georgeson, Inc. as the Information
Agent. All questions regarding this self-tender offer should
be directed to Georgeson, Inc. at 1‑800‑932‑9864 (toll free).
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
This press release is for information purposes only and 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.