Invesque has 60% support, adjourns meeting for 5% convertibles

By William Gullotti

Buffalo, N.Y., Nov. 1 – Invesque Inc. announced that the meeting to amend the terms of its 5% convertible debentures due Jan. 31, 2022 will be called as scheduled but immediately adjourned, according to a press release on Monday.

The meeting will be adjourned to 10 a.m. ET on Nov. 15. The meeting was originally scheduled for 10 a.m. ET.

According to the release, the deadline for submitting proxy votes is now 10 a.m. ET on Nov. 12.

The required quorum has already been achieved for the meeting, and 60% of the already-submitted proxy votes were in favor of the amendments.

As previously reported on Sept. 27, the proposed changes include increasing the interest rate to 6.25%, effective Jan. 31, 2022, decreasing the conversion price to $6.00 from $11.00 per share, extending the maturity date to Jan. 31, 2025 from Jan. 31, 2022 and redeeming $10 million, or 22.23%, of the principal amount of the debentures on a pro rata basis on Jan. 31, 2022.

Other than the partial redemption in 2022, the debentures will not be redeemable prior to Jan. 31, 2024 and will thereafter be redeemable at par plus interest, provided that the market price of Invesque’s stock at that time is at least 125% of the $6.00 conversion price.

The company’s board of directors again unanimously recommended debentureholders vote for the amendments in the press release.

In order to be approved, holders of at least two-thirds of the outstanding securities must vote in favor of the amendments in person or by proxy at the meeting.

The issuer is a Toronto-based health care real estate company.

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