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Press Releases |
December 27, 2005
Bexil Corporation Agrees To Sell Interest in York Insurance Services Group
NEW YORK
-- Thomas B. Winmill, President and CEO of Bexil Corporation (AMEX: BXL),
announced today that Bexil had entered into an agreement for the sale of its 50%
interest in privately held York Insurance Services Group, Inc.
("York") to York Insurance Holdings, Inc. ("York
Insurance"), a newly formed entity controlled by Odyssey Investment
Partners, LLC ("Odyssey") and certain other investors for
approximately $39 million in cash.
A special committee of independent directors, having evaluated the fairness of the transaction, and
the Board of Directors of Bexil have approved the transaction, which is subject
to the approval of the holders of at least 50% of Bexil's outstanding common
stock. Holders of approximately 32% of Bexil's stock have entered into an
agreement in which they have agreed to vote their shares in favor of the sale
and against any action that would reasonably be expected to prevent the
transactions contemplated by the sale. Preliminary proxy material is expected to be
filed with the Securities and Exchange Commission, and upon approval,
definitive proxy material is anticipated to be distributed to stockholders
seeking approval in the first quarter of 2006. Completion of the transaction is
also subject to the consummation of an agreement by the other 50% owner of
York, Thomas C. MacArthur, to sell a portion and rollover a portion of his
shares to York Insurance, and other customary conditions to closing. Mr. Winmill said "We are pleased with our involvement in York. Since
its acquisition in 2002 for $3 million plus assumption of debt, Bexil has eliminated
the assumed debt and received over $12 million in dividends as it grew York's revenue from $25 to $71 million and net
income from $.7 to $6.0 million from 2001 to 2004." A conference call to discuss the transaction has been
scheduled for December 30, 2005 at 10 a.m., Eastern Time. To access
the conference call, call toll free 1-888-245-4141 (international toll phone
number: (630) 364-3730) room number: 452358. Bexil is a holding company whose primary holding is its 50% interest in York. Bexil accounts for its interest in
York using the equity method. Approximately 25% of Bexil's shares are owned
by Winmill & Co. Incorporated (OTC: WNMLA), a holding company, engaged through
subsidiaries in investment management and securities trading. York is an insurance services business process
outsourcing company. Since the 1930's, York (through predecessor companies) has
served as both an independent adjustment company and third party administrator
providing claims data and risk related services to insurance and reinsurance companies,
self insureds, intermediaries and governmental entities throughout the United
States. More recently, York has established business units in the program
management, special investigations, recovery, environmental consulting, retail
logistics and large/complex loss adjusting markets. Odyssey Investment Partners, LLC, based in New
York, is a middle-market private equity fund with
more than $1.2 billion under management. Odyssey makes majority, control investments primarily in established
middle-market companies in a variety of industries, including industrial
manufacturing, business, financial and healthcare services, aerospace products
and services, and route-based services. For further information about Odyssey,
please visit www.odysseyinvestment.com.
Safe Harbor Note Certain of the statements and predictions contained herein
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. In particular, any statements, projections or
estimates that include or reference the words "believes,"
"intends," "anticipates," "plans,"
"expects," "will," or any similar expression fall within
the safe harbor for forward-looking statements contained in the Reform Act.
Forward-looking statements are not guarantees of future performance and involve
risks, uncertainties, and other factors, including those set forth below, which
may cause our actual results, performance or achievements to be materially
different from any future results, performance, or achievements expressed or
implied by those statements. More information on potential risks and
uncertainties is available in the Company's recent filings with the Securities
and Exchange Commission, including its Form 10-KSB, quarterly Form 10-QSB
reports and Forms 8-K.
Press Release Links
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