| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Mirabela Nickel Ltd. > News item |
Mirabela Nickel trustee plans to sell 108,947 cash-out shares Feb. 27
By Caroline Salls
Pittsburgh, Feb. 25 – Mirabela Nickel Ltd. bare trustee Mirabela Investments Pty Ltd. (MIPL) has received cash-out instructions for 108,947 of Mirabela Nickel shares since the last cash-out sale date of Nov. 28, according to a news release.
As previously reported, MIPL will sell the shares on behalf of holders of the company’s 8¾% senior notes due 2018.
If there is sufficient demand on Feb. 27, Mirabela said the trustee intends to sell all 108,947 shares at market price in accordance with its deed of company arrangement.
The cash-out instruction dates set in the deed of arrangement were Aug. 29, Nov. 28, Feb. 27 and May 29. Instruction dates will continue every 30 days after May 29 until all of the shares have been sold.
Proceeds from the sale of the cash-out shares, minus related costs, fees and taxes, will go to parties who submitted a cash-out instruction within 10 business days of the sale of the shares.
If MIPL is unable to sell all cash-out shares on Feb. 27, it will remit to each noteholder who submitted a cash-out instruction after the last sale date and before Feb. 27 its share of the proceeds from the Feb. 27 sale. MIPL will attempt to sell any remaining cash-out shares on the subsequent sale dates.
Mirabela said its board of directors will treat each cash-out sale date as a “black-out” period for the purposes of its securities trading policy. As a result, Mirabela directors and key management personnel will not be able to trade the company’s shares on a cash-out sale date.
According to the release, any shares related to unaccounted noteholders that are not claimed by June 16 will be sold into the market, and proceeds will be held on trust until June 16, 2020. After that, the proceeds will go to the Department of Treasury (Western Australia) in accordance with an unclaimed money act.
Mirabela is a nickel producer located in Perth, Western Australia.
© 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.