Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Evans & Tate Ltd. > News item |
Australia's Evans & Tate pushes back meeting of convertibles holders to July 27
By Jennifer Chiou
New York, June 28 - Evans & Tate Ltd. said that the Supreme Court of Western Australia has adjourned the meeting for the company's 8.25% convertible noteholders to July 27.
The meeting had been slated to take place on June 29 in Sydney, Australia, in order to vote on the continued waiver of financial covenants in the trust deed of the notes.
On June 25, the company received a merger offer from Ferngrove Vineyards Ltd., and the offer was received too late to allow the distribution of a supplementary notice to update the noteholders prior to the meeting.
The Wembley, Western Australia-based winemaker previously said that the waiver has been granted twice previously and that the current waiver expires on June 30.
The company said on March 7, 2006 it had "become aware" that it failed to meet the covenant requirement that total liabilities not exceed 80% of total assets.
Holders will consider the continued waiver of any event of default that may arise during July 1 to Oct. 29.
Evans & Tate said the waiver is linked to its plan for the full financial restructure of its balance sheet.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.