Capital Southwest subsidiary files spin-off
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Capital Southwest subsidiary files for spin-off

5:27 AM, 18th June 2015
Capital Southwest subsidiary files for spin-off

DALLAS, US: Capital Southwest Corporation said that its wholly-owned subsidiary, CSW Industrials Inc, has filed a registration statement with the Securities and Exchange Commission in connection with the proposed spin-off of Capital Southwest’s industrial products, coatings, sealants and adhesives and specialty chemicals businesses into a standalone, publicly traded company.

Following the spin-off, Capital Southwest will continue as a business development company refocused on a lending strategy more appropriate for its corporate and regulatory structure.

“The filing of the registration statement is an important step in our plan to establish CSWI as a separately traded public entity,” said Joseph Armes, Capital Southwest’s chairman and chief executive officer, who, following the spin-off will be the chairman and CEO, CSWI.

The spin-off will be effected by a distribution of CSWI shares on a pro rata basis to the shareholders of Capital Southwest as a special dividend.

The completion of the spin-off is subject to a number of conditions including the receipt of a favourable opinion with respect to the tax-free nature of the transaction for federal income tax purposes and final approval by the Capital Southwest board of directors. The spin-off is not subject to a Capital Southwest shareholder vote.

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