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Internet Patents Corporation Announces Ex-Dividend Date of March 12, 2012 for Special Cash Distribution(February 09, 2012)
SACRAMENTO, CA -- (Marketwire) -- 02/09/12 -- Internet Patents Corporation (NASDAQ: PTNT) (the "Company"), formerly InsWeb Corporation (NASDAQ: INSW), today announced that NASDAQ has established the ex-dividend date for the special cash distribution declared by the Board of Directors on January 10, 2012. The distribution of $5.00 per share on the Company's common stock will be paid on March 9, 2012 to all shareholders of record as of February 10, 2012 (the "record date"). As the special cash distribution is expected to exceed 25% of the Company's current stock price, pursuant to the rules of NASDAQ, the ex-dividend date is March 12, 2012, the first business day following the distribution payment date. The special distribution follows the acquisition of substantially all of the assets of InsWeb Corporation relating to its insurance lead generation and marketing business by Bankrate, Inc., via a transaction that closed on December 21, 2011.
In addition, NASDAQ will apply its due bill procedures, pursuant to which trades of the Company's common stock entered into before March 12, 2012 and settled after the record date (the "due bill period") will have a due bill attached for the special cash distribution payable on March 9, 2012. This means that holders who purchase these securities during the due bill period (even if the trades are to be settled after that due bill period) are entitled to receive the special cash distribution, and sellers who sell the securities during the due bill period (even if the trades are to be settled after the due bill period) are not entitled to the special cash distribution. Investors who enter into trades to purchase common stock on or after March 12, 2012 will not be entitled to the special cash distribution payable on March 9, 2012.
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