eBT International, Inc. of Providence announced that the initial cash distribution under the plan of complete liquidation and dissolution approved by its shareholders on Nov. 8 will be $3.00 per share. The payment will be made on Dec. 13 to shareholders of record at the close of business on Dec. 7. The company previously indicated that the initial distribution would be at least $2.75 per share.
eBT has also announced an increase in the minimum total net proceeds estimated to be available for distribution to shareholders over the liquidation period to approximately $3.25 per share from $3.20 per share. The first of the periodic additional payments totaling approximately $0.25 per share are expected to commence in 2002, subject to the conditions set forth in the Oct. 3, 2001 proxy statement.
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The company also announced that it has put in place a share buyback program and may repurchase up to 5 million shares of common stock. The share repurchases will be made in open market transactions, from time to time, subject to guidelines set by the company’s board of directors. Adams, Harkness & Hill of Boston, Mass. has been appointed as the company’s agent for the share repurchase program.
