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Friday July 16, 11:24 am Eastern Time
Company Press Release
Simmonds Capital Preferred Shareholders Reject
Offer
TORONTO, ONTARIO--Simmonds Capital Limited (''SCL'') announced today that at a special meeting of the holders of SCL Preferred Shares Series 3, the special resolution to change the currently issued and outstanding Preferred Series 3 shares into common shares on a one for one basis did not receive the required majority approval. The special meeting of preferred shareholders had been adjourned from June 24 to July 15, 1999. On June 24, 1999 at the annual and special meeting, a similar resolution had been approved by the common shareholders.
John Simmonds, Chairman of SCL, stated that ''We tried to structure a proposal which would be acceptable to both our preferred and common shareholders. It is clear that the required majority support of the preferred shareholders is not behind this proposal. Therefore, we will not pursue this matter any further.'' As of July 15, 1999, there were 5,906,520 SCL Preferred Shares Series 3 and 19,551,951 SCL common shares issued and outstanding. Currently, the SCL Preferred Shares are
convertible to common on a five preferred shares for one common share basis.
Simmonds Capital Limited (TSE:SMM - news) is a diversified management company with strategic investments in contract manufacturing, electronics distribution, wireless communications, and internet service markets including both equity investments and wholly owned operations. |
