Australis Media Limited allows consent solicitation to expire.SYDNEY, Australia--(BUSINESS WIRE)--August 19, 1996--THE BOARD OF AUSTRALIS MEDIA LIMITED announced today that negotiations regarding the financial future of Australis have reached an impasse im·passe n. 1. A road or passage having no exit; a cul-de-sac. 2. A situation that is so difficult that no progress can be made; a deadlock or a stalemate: reached an impasse in the negotiations. . The Board has two alternative recapitalization proposals Recapitalization proposal Often used in risk arbitrage. Plan by a target company to restructure its capitalization (debt and equity) in a way to ward off a hostile or potential suitor. before it for consideration. Neither proposal is complete and both proposals, if completed, require the unanimous consent In parliamentary procedure, unanimous consent, also known as general consent, is a situation in which no one present objects. The chair may state, for instance: "If there is no objection, the motion will be adopted. [pause] Since there is no objection, the motion is adopted. of (among others) all Guarantors of the existing US$125 million Toronto Dominion interim bank facility. Different Guarantors are supporting each of the proposals and the Board has, at this point, been unable to secure acceptance by all Gurantors of either proposal. The Board is in active discussion with the Gurantors and will continue to work towards a reconciliation of the positions of the interested parties. There can be no assurance that these efforts will be successful. It is the view of the Board, based on legal and financial advice, that the company is solvent. It was also announced that the current consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with process of the US bondholders has expired. In light of these uncertainties and to prevent trading in its securities in an uninformed market, the Board has requested the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. to halt trading, pending further developments. CONTACT: Australis Media Limited Ashley Fenton, (011) 612-776-2000 or MacKenzie Partners Inc. Jeanne Carr, 212/929-5916 |
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