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Technology Stocks : Wi-LAN Inc. (T.WIN)
WILN 1.3900.0%Sep 18 5:00 PM EST
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To: SurfForWealth who wrote (389)7/16/1999 10:02:00 AM
From: Hatim Zaghloul  Read Replies (2) of 16863
 
Good morning Surf,

Thanks.

Deals like this take a while to put together and you try to do them within market context but at the same time you do not want to penalize the interested parties just because the legal wording delayed the closing by a day or two. Further, the warrants are sold as a private placement without a prospectus and hence are not free trading today (the hold period is typically a year) and are waiting for a TSE listing. If you factor all this in, together with the fact that it is being sold to institutions since the minimum subscription is $100k in Alberta and $150k in Ontario), you see that a discount was appropriate.

With respect to the TSE, the stipulation is a mechanism to get the warrants to convert to free trading shares sooner than 12 months. If we clear a prospectus in all jurisdictions in Canada where warrants were sold, and explain in the prospectus that these warrants will be free trading, then the warrants are not subject to the hold period. It is not possible to give any indication on how long a process like this takes. Further, some institutions cannot invest on the ASE and requested a TSE listing.

I hope this clarifies the situation and its background.

Hatim
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