American Shared Hospital Services Announces Exchange Offer of Common Stock For Remaining Senior Subordinated Notes.SAN FRANCISCO--(BUSINESS WIRE)--June 24, 1996--American Shared Hospital Services (AMEX AMEX See: American Stock Exchange , PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. : AMS AMS - Andrew Message System for common stock; AMS.A for 16 1/2 percent notes) Monday announced an offer to exchange the Company's Common Stock for its remaining 16 1/2 percent and 14 3/4 percent Senior Subordinated Notes due Oct. 15, 1996 ("Notes"). The Exchange Offer expires on July 15, 1996 at 5 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time, unless extended by the Company. American Shared is offering 695 shares of newly-issued Common Stock for each $1,000 principal amount (and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereon) of its 16 1/2 percent Senior Subordinated Notes ("16 1/2 percent Notes"). The Company is offering 692 shares of newly-issued Common Stock for each $1,000 principal amount (and accrued interest thereon) of its 14 3/4 percent Senior Subordinated Notes ("14 3/4 percent Notes"). The Company said there are $633,000 principal amount of its 16 1/2 percent Notes and $140,000 principal amount of its 14 3/4 percent Notes outstanding. Interest due on the Notes has been paid through April 15, 1996. If all holders of the outstanding Notes accept the Exchange Offer, the Common Shares newly issued in the Exchange Offer will represent approximately 7.5 percent of the Company's issued and outstanding Common Stock, warrants and options. American Shared said the purposes of the Exchange Offer are to strengthen the Company's capital structure and to relieve the Company of the cash burden of approximately $836,000 due in October 1996 for payment of principal and accrued interest on the Notes. The Exchange Agent for the Exchange Offer is American Stock Transfer & Trust Co., New York. American Shared Hospital Services is a diversified medical services company, with interests in mobile and shared diagnostic imaging, radiotherapy, and insurance services. Headquarters are in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . CONTACT: American Shared Hospital Services, San Francisco Richard Magary, 415/788-5300 (Mon.-Fri. 8 am-5pm PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) 415/658-8003 (after hours) 415/431-2359 (home) |
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