IOU Financial announces debentureholder approval of amendments to convertible debentures.
BANKING AND CREDIT NEWS-August 8, 2019-IOU Financial announces debentureholder approval of amendments to convertible debentures
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IOU Financial Inc. ("IOU") (TSXV: IOU) has announced that the holders of its 10% convertible unsecured subordinated debentures due December 31, 2020 (the "Debentures") have approved the previously announced amendments to the terms of the Debentures by extraordinary resolution, the company said.
The amendments, which were detailed in IOU's news release of July 25, 2019, received the support of the holders of over 66 2/3% of the aggregate principal amount of the Debentures, as required by the terms of the trust indenture pursuant to which they were issued. IOU has already applied for and received conditional approval from the TSX Venture Exchange for the amendments.
The conversion period for the Debentures remains unchanged and is set to expire at 5:00 p.m. on the last business day prior to December 31, 2020.
IOU issued the Debentures by way of a private placement pursuant to a trust indenture dated November 2, 2015, and has entered into a supplemental trust indenture with Computershare Trust company of Canada, the debenture trustee, to finalize the amendments.
IOU Financial Inc. provides small businesses throughout the US and Canada access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, salons, gas stations, auto repair shops, restaurants, trade contractors and manufacturing companies. To learn more visit: IOUFinancial.com.
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