Printer Friendly

INTERTAN ANNOUNCES COMPLETION OF FINANCIAL REORGANIZATION

 BARRIE, Ontario, Nov. 26 /PRNewswire/ -- InterTAN Inc. (NYSE: ITN) announced today that it has received the Cdn$58.2 million net proceeds from its September 1993 private placement of special warrants. These proceeds were being held in escrow pending the satisfaction of certain conditions, all of which have been satisfied, including the establishment of Cdn$30 million of bank operating lines, the extension of supply and licensing arrangements with Tandy Corporation to June 30, 2000, and obtaining applicable regulatory approvals.
 The special warrants sold in September 1993 have been exchanged (for no additional consideration) into Cdn$60 million principal amount of 9 percent subordinated convertible debentures maturing Aug. 30, 2000. The debentures are convertible into common shares of the company at a price of approximately Cdn$8.42 (US$6.35) per share, being 118.731 common shares for each Cdn$1,000 principal amount of debentures.
 Jim Williams, chief executive officer of InterTAN, said, "This completes the financial reorganization of the company which commenced last year. We are very pleased to have achieved an improved financial structure for InterTAN. Management will now be able to devote its efforts entirely to operating and building the company's business in Canada, the United Kingdom and Australia."
 -0- 11/26/93
 /CONTACT: Douglas C. Saunders, vice president and corporate controller of InterTAN, 705-739-6266/
 (ITN)


CO: InterTAN Inc. ST: Ontario IN: REA SU:

GK -- NY012 -- 7993 11/26/93 17:59 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1993
Words:238
Previous Article:BELL, UNIONS FACE EXTREMELY DIFFICULT CHOICES
Next Article:/NYSE CLOSING, FRIDAY, NOV. 26 /PRN/
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters