Russel Metals Confirms Number Of Securities Tendered Under The Successful Offers For Leroux Steel.Business Editors TORONTO--(BUSINESS WIRE)--July 4, 2003 Russel Metals Inc. announced today that 99.52% of the aggregate number of Class A Shares outstanding and 97.53% of the aggregate number of Class B Shares outstanding, 86.61% of the outstanding 8% Debentures and 87.2% of the outstanding 7.25% Debentures were tendered under the offers. Russel expects to issue approximately 3,546,890 shares under the offers and shareholders of Leroux Steel who elected the Share Alternative will receive approximately 0.5454 Russel common shares for each Leroux Steel share tendered and approximately $3.52 in cash. Earlier today, Russel announced the successful completion of its offers to purchase all the outstanding Class A Multiple Voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 Shares and Class B Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and all the outstanding 8% convertible unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before and 7.25% convertible unsecured subordinated debentures of Leroux Steel Inc. The actual number of securities tendered was 3,533,391 Class A Multiple Voting Shares, 7,107,278 Class B Subordinated Voting Shares, $6,633,600 8% convertible unsecured subordinated debentures and $9,752,500 7.25% convertible unsecured subordinated debentures. Russel Metals is one of the largest metals distribution companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . It carries on business in three metals distribution segments: service center, energy sector and import/export under various names, including A.J. Forsyth, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Drummond McCall, Fedmet Tubulars, McCabe Steel, Metaux Russel, Milspec Industries, Pioneer Pipe, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular tubular /tu·bu·lar/ (too´bu-lar) 1. shaped like a tube. 2. of or pertaining to a tubule. tubular 1. pertaining to renal tubules. 2. pertaining to fallopian tube. & Supply, Vantage Laser, Wirth Steel and York Steel. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion