I really do not know if this means anything but thought that I would post here and maybe someone else can make more sence of it.
TORONTO (BUSINESS WIRE) - Hollinger Inc. (TSE:HLG.UN)
(ME:HLG.UN) (VSE:HLG.UN) (NASDAQ:HLGUF) (NYSE:HLR)
-- Hollinger Inc. ("Hollinger") announces that at the expiry of its offer
to convert each Series I Preference Share (TSE, ME, VSE -
HLG.PR.A) into 0.4 of a Series II Preference Share (TSE, ME, VSE
- HLG.PR.B) approximately 10,142,000 Preference Shares had been deposited under the offer
and not withdrawn. Hollinger will convert these Series I Preference Shares on May 6, 1998 into
approximately 4,057,000 Series II Preference Shares and certificates representing those shares will
be mailed to holders shortly thereafter.
After giving effect to the conversions pursuant to the offer, there will remain outstanding
approximately 26,500,000 Series I Preference Shares. Hollinger will exercise its right to redeem all
of such shares for a cash payment of $4.00 per share plus dividends accrued thereon to the
redemption date of June 5, 1998 at the rate of 7 percent per annum.
Hollinger Inc. is a Canadian-based international newspaper company that through its subsidiaries
and associated companies is engaged primarily in the publishing, printing and distribution of
newspapers and magazines in the United Kingdom, the United States, Canada and Israel.
Any comments welcome
Tim
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