TORONTO, Dec. 17, 2021 (GLOBE NEWSWIRE) -- Stone Investment Group Limited ("SIG" or the "Corporation") is providing an update on its previously announced fully-funded, all-cash offer to purchase 7,293 Debentures made by its wholly-owned subsidiary for $770 (including any accrued and unpaid interest and all "Additional Interest") per Debenture (the "Cash Offer").
SIG is pleased to report that there has been significant response to the Cash Offer from Debentureholders to date, with the Corporation now exceeding 90% of its 7,293 Debenture threshold (the "Threshold").
SIG also reports that Debentureholders have inquired whether there is still time to participate. In response, the Corporation announces the following modifications to the Cash Offer:
- The Cash Offer will remain open for acceptance until 5 pm EST on Tuesday, December 21, 2021 (the "Expiry Time"), regardless of whether the Corporation achieves Threshold earlier than the Expiry Time; and
- In the event that the aggregate number of Debentures represented by duly completed and signed Letters of Transmittal received by the Corporation at the Expiry Time exceeds the Threshold, the Corporation will take up the Debentures on a pro rata basis.
The Corporation reserves the right to extend the Expiry Time.
Debentureholders who wish to participate and tender their Debentures to the Cash Offer should immediately contact their advisor 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 December 21, 2021. Debentureholders who require a copy of the Letter of Transmittal can request it from Sintra Capital and it is also available under the Corporation's profile on SEDAR at www.sedar.com.
Please refer to SIG’s November 30, 2021 press release, SIG's December 15, 2021 press release and Offer Document for more information.
About Stone Investment Group Limited
The Corporation is an independent wealth management company. The Corporation, through its wholly-owned subsidiary, Stone Asset Management Limited, structures and manages high quality investment products for Canadian investors.
For more information:
Stone Investment Group Limited
Jason Stone
Investor Relations
416 867 2533 or 800 336 9528
jasons@stoneco.com
www.stoneco.com
or
Sintra Capital
Kevin Hooke
President
204 291 5735
khooke@sintracap.ca
Disclaimer for Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Debentures, the Cash Offer and the operations of the Corporation. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments and other risks outside of the Corporation's control. Additional risk factors are included in the Company’s Management’s Discussion and Analysis, available under the Corporation's profile on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by applicable laws, the Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
