The purpose of the agreement, effective June 28, is to wind up Burnham's affairs and liquidate its assets. Burnham will transfer its remaining assets to the trustees of the newly created BPP Liquidating Trust, along with its remaining debts.
June 27 will be the last day of trading of Burnham common stock on the New York Stock Exchange and Burnham's stock transfer books will be closed as of the close of business on that date.
Under the terms of the proposed agreement, each stockholder of Burnham will become the holder of one unit of beneficial interest in the BPP Liquidating Trust for each share of Burnham common stock. After June 28, all outstanding shares of Burnham common stock automatically will be deemed cancelled.
Stockholders of Burnham on the Record Date will not be required to take any action to receive their units.
The initial co-trustees of the BPP Liquidating Trust will likely be Scott C. Verges and an unaffiliated third party appointed by the board of directors of Burnham, according to the company.
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