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Mainstreet announces preliminary results of substantial issuer bid
Mainstreet announces preliminary results of substantial issuer bid Mainstreet anno...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet announces preliminary results of substantial issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMainstreet announces preliminary results of substantial issuer bid\nCanada NewsWire\nCALGARY, April 13, 2016\n\n\n\nCALGARY, April 13, 2016 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\"), today announced the preliminary results of its substantial issuer bid (the \"Offer\") to purchase for cancellation up to 1,200,000 of its outstanding common shares (\"Shares\"), which expired at 5:00 p.m. (Eastern time) on April 12, 2016.\n\nAll of the terms and conditions of the Offer have been complied with and, based upon a preliminary calculation by Computershare Investor Services Inc., the depositary for the Offer, Mainstreet expects to purchase for cancellation an aggregate of 1,200,000 Shares at a price of $36.00 per Share, for a total cost of $43.2 million, excluding fees and expenses related to the Offering. \n\nThe Shares expected to be purchased under the Offer represent approximately 11.8% of the Shares issued and outstanding prior to giving effect to the Offer.  After giving effect to the Offer, the number of issued and outstanding Shares is expected to be 8,932,915.\n\nBased upon the preliminary calculation, approximately 1,475,179 Shares were properly deposited under the Offer and not withdrawn. As the Offer was oversubscribed, Mainstreet will purchase properly deposited Shares on a pro rata basis following determination of the final results of the Offer, except that \"odd lot\" deposits (of holders beneficially owning fewer than 100 Shares) will not be subject to pro-ration.  Mainstreet expects that depositing shareholders subject to pro-ration will have approximately 81.1% of their deposited Shares purchased by Mainstreet under the Offer. A complete description of the Offer is contained in the offer to purchase and issuer bid circular dated March 7, 2016 and other related documents and schedules, including any amendments thereto, filed with the applicable securities regulatory authorities.  The ...