AAC 1.25-1.5 distribution per share

[stockdog]

Press Release Source: Ableauctions.com Inc. On Monday January 25, 2010, 4:52 pm EST
BURNABY, British Columbia--(BUSINESS WIRE)--Ableauctions.com Inc. (NYSE AMEX: AAC) (the “Company”) announced today that, following consultation with Top Favour Limited (SinoCoking), it will defer making any distributions prior to the consummation of the acquisition in order to facilitate the transaction. Therefore, the record date of December 30, 2009 announced for the $4.5 million distribution has been retracted. The Company will issue a release shortly elaborating on distributions that will occur, provided that the acquisition of SinoCoking is consummated.
For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com

Ableauctions Estimates Distributions to Total $1.25 - $1.50 Per Share If Reverse Share Exchange Consummated

Press Release Source: Ableauctions.com Inc. On Monday January 25, 2010, 5:47 pm EST
BURNABY, British Columbia--(BUSINESS WIRE)--Ableauctions.com Inc. (NYSE AMEX: AAC) (the “Company”) announced today that, if the acquisition of SinoCoking is consummated, the Company will transfer its remaining assets into a liquidating entity for the purpose of liquidating the assets, paying any liabilities and distributing the net proceeds to its shareholders.
The Company announced on December 21, 2009 that it had established December 30, 2009 as the record date for determining the shareholders who will be entitled to receive distributions from the liquidating entity. However, no record date is required for determining the shareholders who will be entitled to receive distributions from the liquidating entity. Instead, all distributions from the liquidating entity will be payable to the shareholders of Ableauctions who hold shares immediately prior to the closing date of the Acquisition (the “Old Shareholders”).
The Old Shareholders will also, collectively, own approximately 3% of the Company’s outstanding common stock following the anticipated 1-for-20 reverse stock split set to occur on the closing date. Upon completion of the Acquisition, the Company would own 100% of the business and operations of SinoCoking, a China-based coke and coal producer. For further information, readers should review the Company’s definitive proxy statement filed with the SEC on November 27, 2009.
The Company estimates it will make total distributions of approximately $1.25 to $1.50 per share from the liquidating entity to the Old Shareholders over an unspecified period of time, if the Acquisition closes. Because the amount of the distributions will be based on the amount received by the liquidating entity for the sale of the assets, less the costs, expenses (including expenses related to currency conversion) and fees attributable to such sales and the expenses attributable to the liquidating entity, the Company cannot provide more than an estimate to the Old Shareholders of the distribution amount, based on its current knowledge. The Company plans to pre-announce the proposed closing date for the Acquisition in a subsequent press release, however, there is no assurance that the Acquisition will be consummated.
If the Acquisition is not consummated, further distributions to be made by the Company, if any, will be determined by the Company’s board of directors and a press release announcing the record dates and payment dates for those distributions will be issued.