NEW YORK--(BUSINESS WIRE)--Central Securities Corporation (NYSE MKT: CET), has entered into an agreement to sell 35,000 of its 69,660 shares of The Plymouth Rock Company, Incorporated Class A Common Stock back to Plymouth Rock for $92,750,000.
It is expected that the transaction will be completed on or before August 30, 2013. The realized gain from this sale will be included with other gains and losses realized by the Corporation during the year in determining the net amount of capital gain that will be distributed later in 2013.
The Corporation has valued its shares of Plymouth Rock at the transaction price in its net asset value calculation as of July 12, 2013. Following the completion of the transaction, Central will have a 27% ownership interest in Plymouth Rock.