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October 27, 2011
08:02 EDTMLNK, HNHModusLink grants Handy & Harman exemption to tax benefit plan
ModusLink Global Solutions (MLNK) announced that its board has determined to grant Handy & Harman (HNH) together with BNS Holding and Steel Partners, an exemption to the company's tax benefit preservation plan, pursuant to Section 28 of the plan. This exemption allows the HNH Group, which currently owns approximately 10% of ModusLink's outstanding shares, to purchase in the open market additional shares up to an amount that would result in the HNH Group owning an aggregate of approximately 14.9% of the company's outstanding shares. The board granted this exemption following a comprehensive review of the HNH Group's letter dated October 19 requesting such a waiver. In reaching its decision, the board determined that granting such a waiver would have no adverse impact on the time period for the use of ModusLink's net operating losses tax assets or the availability of these assets to ModusLink. The company noted that no other stockholders have contacted ModusLink since the adoption of the plan to request similar exemptions.
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