Altaba Inc (AABA)

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.20 Per Share (5/06/25)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today
announced that the Board approved a liquidating distribution of $0.20 per share of
the Fund’s common stock, par value $0.001 per share, or $103,902,273 in the
aggregate (the “Liquidating Distribution”), which will be payable on May 19, 2025.
As previously announced, at a special meeting of stockholders held on June 27,
2019, stockholders of the Fund approved a Plan of Complete Liquidation and
Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution
with the Secretary of State of the State of Delaware to dissolve the Fund on
October 4, 2019.
On May 28, 2020, the Fund commenced court-supervised wind-up proceedings
pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of
Delaware (the “DGCL”) before the Court of Chancery of the State of Delaware (the
“Chancery Court”), pursuant to which the Chancery Court adjudicated under Section
280 of the DGCL the holdback amounts required to be retained by the Fund in
respect of all known, unknown and contingent claims against the Fund other than
those involving the United States Internal Revenue Service (the “IRS”) (the
“Chancery Action”).
On June 18, 2020, the United States Department of Justice (the “DOJ”), on behalf of
the IRS, filed a Notice of Removal in the Chancery Court removing claims of the IRS
in the Chancery Action to the United States District Court for the District of
Delaware (the “District of Delaware”). The Fund, together with the DOJ, filed with
the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the
Internal Revenue Service, following which the District of Delaware entered an order
on October 26, 2020 (the “Order”) establishing a separate account in the Fund’s
name with the purpose of holding an agreed upon amount as security for the claims
asserted by the IRS (the “Agreed Security Amount”). During the fourth quarter of
2024 and the first quarter of 2025, the IRS approved a reduction to the Agreed
Security Amount for a total of approximately $30 million that allowed the Fund to
make a distribution of such amount.
The aggregate amount approved by the Board for distribution in the Liquidating
Distribution includes certain state and city income tax refunds received by the
Company, certain holdback amounts with respect to user security liabilities that
were determined to no longer be needed and net excess interest earned on the
Company’s investment portfolio, which in the aggregate, totaled approximately $74
million.
The Liquidating Distribution represents a partial distribution of the remaining assets
of the Fund. Further information regarding the amount and timing of any
subsequent liquidating distributions to stockholders will be provided in subsequent
press releases or filings with the SEC as such information becomes available.
About Altaba
Altaba is an independent, closed-end management investment company registered
under the Investment Company Act of 1940. The Fund’s assets primarily consist of a
mix of cash and cash equivalents.
Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from
Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc.
reorganized as an investment company, was renamed Altaba Inc., and began
trading under the Nasdaq ticker symbol AABA.
Visit
www.altaba.com for more information.

https://www.altaba.com/static-files/c4b1cb3b-4ce6-4b20-ae61-fe76e98cb2fc