Bogen Communications International(BOGN) announced yesterday that it would be spinning off its subsidiary, Bogen Corporation. Interested in participating or in just learning more? Too bad. The company, which delisted and stopped filing with the SEC in 2004, actually made the decision on October 31, and applied it to shareholders as of November 19, before it announced its plans to the public. What’s going on in the transaction? What is Bogen Corporation? The answers to that are in the handy information statement shareholders received, but which is not posted on the company’s website, nor filed with the SEC.
The company’s shareholders will vote on the transaction on November 29, but with 70.7% of the shares owned by directors and management and committed to voting in favor, the spinoff is a done deal. Shareholders as of November 19 will receive their shares in the new company on December 21. The company, which has a market cap of around $18 million, releases financials publicly though it is not required to. If anyone has a copy of the information statement that they can share, please contact us.
Disclosure: The author holds no position in any stock mentioned
As I posted on Oddball Stocks, the CFO e-mailed me to say that the spin will not trade publicly.
Do you have a copy of the information statement? Any info on what is left in the stub? The more I think about this, the fishier it looks.