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Stone Investment reports debentureholder cash offer response at 90%
Chicago, Dec. 17 – Stone Investment Group Ltd. reported an update on its all-cash offer to purchase 7,293 debentures for $770 per debentures, according to a press release on Friday evening.
The company reports that the response from debentureholders now exceeds a 90% threshold, meaning that the offer is not yet oversubscribed.
The company is keeping the offer open for acceptance until 5 p.m. ET on Dec. 21.
If the total number of debentures represented by duly completed and signed letters of transmittal received at the expiration time exceeds the threshold, the debentures will be accepted on a prorated basis.
Debentureholders who wish to participate should contact their adviser and direct them to complete SIG’s letter of transmittal and return it by email to Sintra Capital at khooke@sintracap.ca on or before Dec. 21.
A copy of the letter of transmittal is available under the corporation’s profile on Sedar.
The company recently increased the cash offering to C$770 from C$670 per debenture. Accrued and unpaid interest will remain unchanged and be paid as initially offered.
The premium increase is a response to a competing purchase offer made by IC Capitalight Corp. on Dec. 10.
The cash offer is expected to be completed on Dec. 21.
Stone Investment is an independent wealth management company based in Toronto.
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