Hemlock Federal Financial (NASDAQ:HMLK)
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Hemlock Federal Financial Corporation Announces Preliminary
Results of Tender Offer
OAK FOREST, Ill., May 17 /PRNewswire-FirstCall/ -- Hemlock Federal Financial
Corporation announced today the preliminary results of its tender offer to
purchase the company's common stock, which expired on May 14, 2004.
Based on a preliminary count by the depositary for the tender offer, 245,742
shares of common stock were properly tendered and not withdrawn at a price of
$29.00 per share. Hemlock Federal Financial expects to purchase 219,483 shares,
which represents the maximum amount the Company can buy without extending the
offering, resulting in a proration factor of approximately 89.8% of the shares
tendered at the $29.00 purchase price.
All "odd lot" shares properly tendered at the $29.00 purchase price will be
purchased before any proration is done. Of the 245,742 shares tendered,
approximately 978 shares were tendered through notice of guaranteed delivery.
Because the number of shares tendered at the $29.00 purchase price exceeded the
number of shares Hemlock Federal Financial expects to purchase, the number of
shares accepted for payment by Hemlock Federal Financial (after Hemlock Federal
Financial's purchase of all of the "odd lot" shares) will be prorated based on
the total number of shares properly tendered by each shareholder in accordance
with the terms of the tender offer at the $29.00 purchase price. The proration
factor, the number of shares to be purchased and the price per share are
preliminary, are based on a substantial portion of the shares tendered through
notice of guaranteed delivery being validly tendered and are subject to
verification by the depositary. The final proration factor will be announced
promptly following completion of the verification process. Any questions with
regard to the tender offer may be directed to Keefe, Bruyette & Woods, Inc.,
the information agent, at (877) 298-6520 (toll free).
If, after the final results are announced, the Company continues to have more
than 300 registered holders, Hemlock Federal Financial intends to take other
actions to reduce the number of registered holders below 300, including a
potential reverse stock split and additional stock repurchases.
This announcement does not constitute an offer to purchase, a solicitation of
an offer to purchase or a solicitation of an offer to sell securities with
respect to any debentures. The tender offer is being made solely on the terms
and conditions set forth in the Offer to Purchase dated April 14, 2004, as
amended and restated and the accompanying transmittal documents. For additional
information regarding the tender offer, reference should be made to the Offer
to Purchase and the related transmittal documents.
DATASOURCE: Hemlock Federal Financial Corporation
CONTACT: Maureen G. Partynski, Chairman and CEO, or Michael R. Stevens,
President, +1-708-687-9400, both of Hemlock Federal Financial Corporation
Web site: http://www.hemlockbank.com/