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Myrexis, Inc. Announces the Cancellation of Its Upcoming Shareholder Meeting



Myrexis, Inc. Announces the Cancellation of Its Upcoming Shareholder Meeting

   Board Approves a Special Cash Distribution and the Appointment of a New
                     Director and Chief Executive Officer

           Tax Benefits Preservation Rights Plan Remains in Effect

SALT LAKE CITY, Jan. 23, 2013 (GLOBE NEWSWIRE) -- Myrexis, Inc. (Nasdaq:MYRX)
today announced that its Board of Directors has unanimously determined to
cancel the special meeting of its shareholders scheduled for January 23, 2013
at which the Company had been intending to seek approval by the shareholders
of a Plan of Complete Liquidation and Dissolution (the "Plan of Dissolution").
The Board of Directors has decided, after extensive and careful consideration
of strategic alternatives, to abandon the Proposed Plan of Dissolution and
instead implement the arrangements described below, which the Board of
Directors believes will create the greatest value for the Company and its
shareholders:

The Board of Directors has declared a special cash distribution to
shareholders in the amount of $2.86 per share. The special cash distribution
will be paid to shareholders of record at the close of business on Monday,
February 4, 2013, the record date, as soon as practicable after such date. The
Board has also appointed Jonathan M. Couchman as a Class II director of the
Company and as its President and Chief Executive Officer, and the remaining
members of the Board have resigned. The Company, under the leadership of Mr.
Couchman, will continue its evaluation of strategic alternatives.

"After a lengthy review and evaluation of potential alternatives to the
Company's liquidation and dissolution, including consideration of advice
provided by the Company's financial advisor, Stifel Nicolaus Weisel, the Board
of Directors reached the conclusion that it is in the best interests of the
shareholders to terminate further consideration of dissolution, appoint
Jonathan M. Couchman as Director, President and Chief Executive Officer of the
Company, and distribute $2.86 per share to the shareholders. Mr. Couchman has
an established track record in creating value for shareholders, and he will
endeavor to identify and cause the company to acquire one or more revenue or
income producing assets," stated Gerald P. Belle, Chairman of the Board of
Directors. "We believe that these arrangements will maximize value to our
shareholders by providing an immediate substantial cash distribution to
shareholders, while preserving and enhancing the opportunity to derive
additional value in the future."

"I am excited by the challenge to identify and pursue opportunities to
maximize value for Myrexis and for its stockholders and am encouraged by the
platform for growth which it provides, including its recognizable brand,
infrastructure and intangibles, as well as its remaining intellectual
property, comprising license agreements with DFH Pharma and UNC Chapel Hill,"
said Mr. Couchman. "I am impressed by the thoroughness and dedication of the
Board of Directors in their evaluation of strategic alternatives and
appreciate the opportunity to continue to pursue opportunities to further
maximize value for shareholders, including the potential for a private to
public reverse merger, investments and acquisitions among other alternatives."

Jonathan M. Couchman serves as Chairman of the Board, Chief Executive Officer
and Chief Financial Officer of Xstelos Holdings, Inc., (OTCQB:XTLS) and
previously served as Director of Golf Trust of America, during its evaluation
of strategic alternatives, which culminated in the reverse merger of privately
owned Pernix Therapeutics Holdings, Inc. into Golf Trust of America, effective
March 9, 2010.

Stifel Nicolaus Weisel has acted as exclusive financial advisor to Myrexis.

MYREXIS TAX BENEFITS PRESERVATION RIGHTS PLAN

It should be noted that Myrexis adopted a Tax Benefits Preservation Rights
Plan, which remains in effect, and which prohibits the ownership of greater
than 4.99% of the stock of Myrexis by an individual or a group of
stockholders, subject to certain limited exemptions provided therein. The Tax
Benefits Preservation Rights Plan is in the form of a Rights Agreement
designed to help protect and preserve Myrexis' substantial tax attributes
primarily associated with net operating loss carryforwards (NOLs) and research
tax credits, under Sections 382 and 383 of the Internal Revenue Code, and is
similar to plans adopted by numerous other public companies with significant
NOLs.

Certain U.S. Federal Income Tax Consequences to U.S. Stockholders

The following summary describes certain material U.S. federal income tax
consequences to U.S. holders of Myrexis common stock related to the special
cash distribution. Unless otherwise specifically indicated herein, this
summary addresses the tax consequences only to a beneficial owner of Myrexis
common stock that for U.S. income tax purposes is: (1) a citizen or individual
resident of the U.S., (2) a corporation organized in or under the laws of the
U.S. or any state thereof or the District of Columbia, (3) an estate whose
income is subject to U.S. federal income taxation regardless of its source, or
(4) any trust if a U.S. court is able to exercise primary supervision over the
administration of such trust and one or more U.S. persons have the authority
to control all substantial decisions of the trust, or it has a valid election
in place to be treated as a U.S. person (a "U.S. holder"), and, even with
respect to such beneficial owners, this summary does not address special
considerations that may be applicable to certain specific categories of
investors.

Amounts received by stockholders in connection with the special cash
distribution will be taxable as a dividend to the extent of the Company's
current or accumulated earnings and profits. Distributions in excess of such
earnings and profits will be applied against and reduce a stockholder's tax
basis in his, her or its shares of stock. Gain will be recognized as a result
of a distribution to the extent that the aggregate value of the distribution
received by a stockholder with respect to a share exceeds his, her or its tax
basis for that share. Gain recognized by a stockholder will be capital gain
provided the shares are held as capital assets, and will be long term capital
gain if the stock has been held for more than one year. No loss will be
recognized by a stockholder until such time as a stockholder disposes of his,
her or its shares of stock.

The tax consequences of the special cash distribution may vary depending upon
the particular circumstances of the stockholder. The Company recommends that
each stockholder consult his, her or its own tax advisor regarding the federal
income tax consequences of the special cash distribution, as well as the
state, local and foreign tax consequences.

Cautionary Statement About Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including, without
limitation, statements relating to the possibility that the Company may be
able to acquire one or more revenue or income generating assets in the future
and the potential for opportunities to further maximize value for
shareholders, including the potential for a private to public reverse merger,
investments and acquisitions among other alternatives. In some cases, you can
identify forward-looking statements by terminology such as "may," "will,"
"should," "expect," "plan," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," the negative of these terms or other
terminology.

Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made and are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those anticipated in the forward-looking statements. The Company's actual
results may differ materially from those expressed or implied by these
forward-looking statements based on a number of factors, including the
Company's failure to acquire one or more revenue or income generating assets
or to identify and execute upon any opportunities to further maximize value
for shareholders, and other risks and uncertainties described in the Company's
Annual Report on Form 10-K for the fiscal year ended June 30, 2012, as updated
from time to time in the Company's subsequent SEC filings. Readers are
cautioned that these forward-looking statements and other statements contained
in this press release regarding matters that are not historical facts, are
only estimates or predictions. Readers are cautioned not to place undue
reliance upon these forward-looking statements, which speak only as of the
date of this press release. The Company undertakes no obligation to update any
forward-looking statements whether as a result of new information, future
events or other factors, except as required by law.

The Myrexis, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9929

CONTACT: Myrexis
         Andrea Kendell
         Chief Financial Officer
         (801) 214-7879
         investor.relations@myrexis.com
        
         The Ruth Group (on behalf of Myrexis)
         Stephanie Carrington (investors)
         (646) 536-7017
         scarrington@theruthgroup.com

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