Business
Allen-Vanguard announces TSX Delisting and key terms of proposed transaction
Allen-Vanguard announces TSX Delisting and key terms of proposed transaction
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nSep. 22, 2009 (Canada NewsWire Group) -- OTTAWA, Sept. 22 /CNW Telbec/ -- Allen-Vanguard Corporation (TSX: VRS) (\"Allen-Vanguard\" or the \"Company\") of Ottawa, Canada announced that it has been informed that the TSX will delist the common shares of the Company on October 21, 2009 as the Company no longer meets the requirements for continued listing. Following the Company's announcement on September 12, 2009 of a going-private transaction, the TSX suspended trading in the stock as of the next trading day, September 14.On Saturday September 12, 2009 the Company announced a going-private transaction with a private equity fund pursuant to which the investor is providing capital to reduce the debt with the Company's existing secured lenders (\"Lenders\") and purchase a portion of that debt. The Lenders will also write off a portion of the existing debt. The remainder of the existing debt will be converted into a multi-year restructured term loan with a new revolving credit facility and documentary credit facility. The transaction will proceed by way of court approved plan compromising and restructuring the debt as described above and cancelling all shares, options, restricted stock, warrants and other securities in the Company and any related rights (including those held by the Lenders) with no consideration paid to holders.Closing of this transaction is subject to closing conditions customary to a transaction combining a balance sheet restructuring with new investment, including regulatory and court approvals. A closing is anticipated before the end of the year and no shareholder vote will be sought.Forward looking statementsThis press release may contain forward-looking statements, which reflect Allen-Vanguard's or Versa's current expectations regarding future events, its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as \"expects,\" \"anticipates,\" \"plans,\" \"believes,\" \"estimates\" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future investments, acquisitions or dispositions, is also a forward-looking statement. Forward-looking statement...