Rocky Mountain Liquor to begin issuer bid for 7.75% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 10 – Rocky Mountain Liquor Inc. plans to repurchase up to C$849,600 principal amount of its 7.75% convertible subordinated debentures due April 30, 2016 through a normal course issuer bid, according to a company news release.

The maximum amount to be repurchased represents 10% of the C$8,496,000 principal amount of convertibles currently outstanding.

The bid will begin on Dec. 15 and run until the maturity date or the company has purchased C$849,600 of convertibles, whichever comes first.

The repurchases will be made at the market price plus brokerage fees, if any, through broker National Bank Financial.

The company said the repurchases will reduce its interest payments and minimize potential future dilution of its shares.

The issuer bid has been approved by the TSX Venture Exchange.

In the past 12 months, the company has purchased and canceled C$704,000 convertible debentures under the normal course issuer bid that began Dec. 15, 2014.

Rocky Mountain owns Andersons Liquor Inc., an Edmonton Alta.-based owner and operator of private liquor stores.

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