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Lenox Wealth Management Inc. (fka LNXW)

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Lenox Wealth Management Inc. (fka LNXW)

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10/10/14 2:00 PM
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Lenox Wealth Management Inc. (fka LNXW) RSS Feed

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Seems like a niche asset manager. Comments, Info? Some news stories: LNXW -- Lenox Wealth Management, Inc. Com (No Par) COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: Lenox Wealth Management, Inc. Declares Dividend CINCINNATI, Jan 17, 2007 (BUSINESS WIRE) -- Lenox Wealth Management, Inc. (Pink Sheets:LNXW) announces its Board of Directors declared a cash dividend of 18 cents per share at its Board of Directors Meeting held on January 16, 2007. The dividend is being paid to shareholders of record on January 31, 2007 and is payable on February 15, 2007. Lenox Wealth Management provides wealth management and family office services to executives and retirees of the Procter & Gamble and Scripps Howard companies in Cincinnati. The company was originally founded in 1887 by William Cooper Procter to meet the financial needs of Procter & Gamble families. It was originally chartered as a thrift institution. The thrift was sold in 2003 and the company was repositioned as an independent fee only Registered Investment Advisory (RIA) with current assets of $450 million. The Corporation's common stock is traded on Pink Sheets under the symbol "LNXW.PK" www.lenoxwealth.com Sale means bigger stake for Lenox shareholders Cincinnati Business Courier - April 30, 2004by Lisa Biank Newly formed Lenox Wealth Management Inc. has declared its first quarterly stock dividend -- 15 cents per share -- as part of its promised effort to retain long-term shareholders. Lenox was founded in December after selling its banking assets (Lenox Savings Bank) to Foun-dation Bancorp for $7.2 million. The sale was orchestrated so that the parent company could form Lenox Wealth Management with the proceeds. Lenox was founded in 1887 chiefly to serve Procter & Gamble Co. workers, who represented 85 percent of the business at Lenox Savings Bank. As a wealth management firm, Lenox's services include estate planning, investment management and specialized insurance. It is working to expand its client base to workers at other major companies, including E.W. Scripps Co. The dividend program was designed to benefit long-term Lenox Wealth investors, such as Procter workers. Also benefiting will be Lenox's current and former directors, to whom about 46 percent of the new dividends will be paid. The directors' stake is so high because of Lenox's recent, $1.4 million stock buyback. Since a lot of investors tendered their shares, the company now has fewer stakeholders. As a result, those who held on realized a percentage increase in their stake. Lenox's three directors, for example, saw their ownership stake climb to about 25 percent from 19 percent. Former Director John Lame's stake climbed to 22 percent from 16 percent. This does not mean the number of shares they owned increased. The directors, like other long-term investors, are simply benefiting from staying in the game. Lenox CEO Jane Schank, for example, owns 25,000 shares, according to Lenox's repurchase offering circular, issued in February. That translates to a quarterly dividend payout of $3,750. Lame owns an estimated 58,467 shares, which would bring in a quarterly payout of $8,770. Lenox stock trades on Pink Sheets under the ticker LNXC.PK. Pink Sheet companies typically do not meet the minimal criteria for capitalization and number of shareholders required by most stock exchanges.
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