Subsequent Events |
3 Months Ended | ||||
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Sep. 30, 2015 | |||||
| Subsequent Events [Abstract] | |||||
| Subsequent Events |
Additional Investment in a Noncontrolled Entity
On October 26, 2015, the Company entered into an amended and restated agreement with one of its customers, an online retailer of generic gold and silver coins and bullion, to increase the Company's ownership of the retailer's outstanding common stock from 9% to up to 20% on a fully diluted basis. The additional investment is to be made in two tranches, for an aggregate purchase price of $4.7 million. The closing of the first tranche, for 6.2% of the retailer's issued and outstanding common stock at a purchase price equal to $2.3 million, took place on October 28, 2015. The closing of the second tranche, for 5.8% of the retailer's issued and outstanding common stock at a purchase price equal to $2.3 million, will take place on or prior to January 15, 2016; provided that A-Mark’s obligation to close the second tranche will be subject to the condition, among others, that the retailer's gross profit for the quarter ending December 31, 2015 shall be not less than $3.0 million. The parties also entered into an amendment to the existing exclusive supplier agreement which, among other provisions, extended the term of that agreement to 2020 (subject to renewal and earlier termination under certain circumstances). A-Mark will continue to provide fulfillment services to the retailer under the terms of a previously existing fulfillment agreement. A-Mark has the right to designate a board observer, who is entitled to attend, in a nonvoting observer capacity, all meetings of the company's board of directors and all committees thereof, and so long as it owns at least 15% of the outstanding stock of the retailer, the Company has the right to appoint a board member to the retailer's board of directors.
Dividend Declaration
On October 30, 2015, the Board of Directors of the Company declared a quarterly cash dividend of $0.05 per common share to stockholders of record at the close of business on November 13, 2015, which is scheduled to be paid on November 25, 2015.
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