Stone Investment ups offering price for debentures

By William Gullotti

Buffalo, N.Y., Dec. 15 – Stone Investment Group Ltd. announced it has increased the cash offering price for 7,293 debentures, according to a press release on Wednesday.

As previously reported, the company along with its wholly owned subsidiary, Stone-SIG Acquisition Ltd., initiated a cash purchase offer for the first 7,293 debentures deposited along with a completed and delivered letter of transmittal.

The company increased its cash offering to C$770 from C$670 per debenture. Accrued and unpaid interest will remain unchanged and be paid as initially offered.

Debentureholders who already signed letters of transmittal and committed their debentures in accordance with the original offer will receive the increased premium without taking any further action.

Debentureholders cannot participate in the offer unless a letter of transmittal is completed and delivered.

The premium increase is a response to a competing purchase offer made by IC Capitalight Corp. on Dec. 10.

Aside from the increased offering price, all terms and conditions of the original offer will remain unchanged.

The cash offer is still expected to be completed on Dec. 21.

Stone Investment is an independent wealth management company based in Toronto.

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