Morgan Funshares (NASDAQ:MFUN)
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Morgan FunShares Shareholders Approve Liquidation
CLEVELAND, Nov. 3 /PRNewswire-FirstCall/ -- Morgan FunShares, Inc. announced
today that its shareholders approved the complete dissolution and liquidation of
the Company at a Special Meeting of Shareholders held Friday October 31st in
Cleveland, Ohio. The plan of dissolution had previously been adopted by the
Company's board of directors subject to shareholder approval. The Company
announced that it has instructed its transfer agent to close its books against
further stock transfers as of the end of trading on Friday November 7, 2003, and
that its board of directors had set the liquidating distribution date as Friday
November 14, 2003 to all shareholders of record as of November 7, 2003. The
Company has requested that its shares be delisted from Nasdaq as of the close of
business on the record date. The Company stated that it anticipates that the
liquidating distribution to be mailed to shareholders on November 14, 2003 will
be a first and final distribution. The Company stated that its board of
directors has held back only a small sum, $5,000, against possible future Fund
expenses. The Company stated that if there remains less than $.005 per share
after all Fund expenses have been paid or provided for, the Company's board of
directors has approved a charitable gift of the remainder to a suitable
institution in memory of the Fund's deceased Chairman and Founder, Burton D.
Morgan, to avoid the expense of a second mailing to shareholders.
DATASOURCE: Morgan FunShares, Inc.
CONTACT: Robert F. Pincus, President of Morgan FunShares, Inc.,
+1-216-274-5388