Printer Friendly

INTERTAN INC. ANNOUNCES PRIVATE PLACEMENT OF SPECIAL WARRANTS

 BARRIE, Ontario, Aug. 30 /PRNewswire/ -- InterTAN, Inc. (NYSE: ITN) announced today that it has notified its shareholders of the private placement of Cdn$60 million of special warrants following its announcement last Friday that its agents has advised the company that confirmed orders had been received for these warrants. The special warrants will be exchangeable, at no additional consideration, into an identical principal amount of 9 percent subordinated convertible debentures which will mature on Aug. 30, 2000. The conversion rate will be 118.7310 common shares for each Cdn$1,000 face amount of debentures, equivalent to a conversion price of approximately Cdn.$8.42. or US$6.40, per share.
 Because these debentures are convertible into common stock representing more than 20 percent of the total voting power of the common stock currently outstanding, the New York Stock Exchange, pursuant to its shareholder approval policy, would usually require shareholder approval. However, pursuant to an exemption to that policy, the NYSE is not requiring such approval because the audit committee of the company's board of directors has advised that, based on the advice of its independent fiscal advisor, a delay caused by conducting a proxy solicitation to obtain this approval would seriously jeopardize the company's financial viability. Therefore, the audit committee and board of directors have expressly endorsed the omission of approval. Accordingly, shareholder approval is not being sought.
 As previously announced, closing of the private placement of special warrants is expected to occur on Sept. 14, 1993 subject to customary underwriting conditions. Proceeds from the special warrant offering will be placed in escrow pending (i) establishment of at least US$30 million of operating bank lines; (ii) the finalization of supply and licensing arrangements with Tandy Corporation; and (iii) the exchange or deemed exchange (which will occur upon the issuance of receipts from applicable Canadian securities regulatory authorities for a final prospectus qualifying the convertible debentures and underlying common shares and the satisfaction of the above conditions) of special warrants for convertible debentures.
 -0- 8/30/93
 /CONTACT: Keith H. Wettlaufer, senior vice president-finance and administration of InterTAN, Inc., 705-739-6268/
 (ITN)


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

TM -- NY093 -- 7286 08/30/93 19:46 EDT
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:Aug 30, 1993
Words:370
Previous Article:WILSON ANNOUNCES SUPPORT FOR COMPREHENSIVE REFORM OF SMOG CHECK; WILL ENSURE CLEAN AIR COMPLIANCE AND CONSUMER CONVENIENCE
Next Article:HE-RO GROUP LTD. REPORTS RESULTS

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