LANCASTER, Pa., July 23 /PRNewswire-FirstCall/ -- The Board of Directors of Armstrong Holdings, Inc., (BULLETIN BOARD: ACKH) today directed management to proceed with the Company's Plan of Dissolution, Distribution and Winding Up, approved by a vote of shareholders at a July 18 special meeting.
More than 95 percent of the votes cast were in favor of the Plan. The results of the vote were:
In Favor: 18,230,373 Against: 765,210 Abstain: 185,726.
The timetable for dissolution depends on a variety of factors outside the Company's control including receipt of necessary tax clearance. The Company hopes to be able to file Articles of Dissolution and distribute its net assets to shareholders as soon as the fourth quarter of this year.
The Company's assets consist of approximately $27 million in cash. The former parent company of Armstrong World Industries, Inc. has no operations and no employees. There are 40.55 million AHI shares outstanding.
Further details are contained in the Company's Form 10-Q filed today with the Securities and Exchange Commission.
Forward Looking Statements
These materials contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements provide expectations or forecasts of future events. Results could differ materially due to known and unknown risks and uncertainties, including claims that may be asserted, tax matters yet to be resolved and any other factors disclosed in the Company's reports on Forms 10-K, 10-Q and 8-K filed with the SEC. We undertake no obligation to update any forward-looking statement.
