| Deal Description | The completion of the sale of the shares offered of Almaden Vineyards, Inc., would give National Distillers and Chemical Corporation, which at the time owned all of the outstanding capital stock of the company, ownership of approximately 84% of the outstanding common stock of Almaden. National would then have voting control of the company, enabling it to elect the members of the company's Board of Directors and to cause the company to merge, consolidate, liquidate, or make a sale of all of its assets in terms determined by National without the concurrence of the minority stockholders. Of the net proceeds of the offering, Almaden was to use a portion to repay National for loans and advances for working capital and capital improvements made by it to the company and to pay a cash dividend to National equal to the amount of the company's retained earnings on June 30, 1972. The balance was to be retained by the company and added to its general funds for use as working capital and for capital expenses. |
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