Remec Inc., a Del Mar-based company that has been liquidating since 2005 after selling off most of its assets, approved a 75 cent per share distribution Dec. 14 to shareholders.
The former defense contractor once employed about 5,000, but was a shell company after selling several units in 2005.
The latest distribution payment is expected to be on Dec. 21 and reduce the firm’s assets to $36.5 million.
“There will be some more distributions but we can’t say when,” said Chief Financial Officer David Wilkenson, one of three employees winding down the company. The reason for the delay is outstanding litigation.
Still trading on the Over the Counter Bulletin Board, shares closed at $1.73 on Dec. 17, and have ranged from $1.24 to $1.75 in the past 52 weeks.
, Mike Allen
