here is that rights offereing - Nesbitt and CC both want 500k at a penny - why???
Simmonds Capital Ltd -
Simmonds Capital rights offering
Simmonds Capital Ltd
SMM
Shares issued 19,551,951
1999-07-29 close $0.52
Friday Jul 30 1999
TSE Bulletin 99-0936
Holders of common shares of record as of the close of business on Thursday Aug.
5, 1999, will be granted the right to subscribe for one additional common share
for every five common shares held at a subscription price of 50 cents per share.
The rights are evidenced by transferable rights certificates registered in the names
of holders of common shares of record on the record date on the basis of one
right for each common share held, five rights and the sum of 50 cents being
required to subscribe for one additional common share. The rights will expire at
4:30 p.m. (Toronto time), on Aug. 27, 1999.
The common shares will commence trading on an ex-rights basis at the opening on
Tuesday, Aug. 3, 1999, at which time the rights will be posted for trading on a
when issued basis.
Symbol:
SMM.RT
Cusip No:
82867L 12 9
Attention is directed to the fact that this offering of rights has not been registered in
the United States (or in any of its territories or possessions) or in any of the
provinces other than Ontario, Alberta and British Columbia (the excluded
jurisdictions) and, therefore, is not to be construed as an offering for sale in any of
the excluded jurisdictions.
Holders of common shares who are resident in any of the excluded jurisdictions
will not be forwarded rights certificates. Instead, they will be sent a letter advising
that their rights certificates will be held by CIBC Mellon Trust Company which
will attempt to sell such rights for the benefit of such shareholders. Net proceeds
from such sales will be divided pro rata and will be forwarded to the appropriate
shareholders at their addresses of record as soon as practicable. A registered
shareholder whose address of record is within one of the excluded jurisdictions
but who holds common shares on behalf of a holder who is eligible to participate
in the rights offering must notify CIBC Mellon in writing on or before the seventh
day prior to the expiry date if such beneficial holder wishes to participate in the
rights offering. Otherwise, CIBC Mellon will sell the rights pursuant to the
procedure described above.
Holders of a rights certificate may subscribe for common shares by completing
Form 1 on the face of the rights certificate and forwarding the rights certificate so
completed together with payment of 50 cents per share subscribed for to CIBC
Mellon in Toronto so as to be received there prior to the expiry time.
Fractional shares will not be issued upon the exercise of rights. Each original
holder of a rights certificate representing a total number of rights not evenly
divisible by five will be entitled to subscribe for one additional common share for
50 cents for the remainder of rights less than five without furnishing any additional
rights. This step-up privilege will be void and of no effect if the rights certificate is
divided or combined or if any of the rights evidenced by such rights certificate are
sold, transferred or assigned by the holder to whom such rights were originally
issued, except that a bank, trust company, securities dealer, or broker which holds
common shares on the record date for more than one beneficial owner may, upon
providing satisfactory evidence to CIBC Mellon, exchange rights certificates on
the same basis as if the beneficial owners were shareholders of record on the
record date.
Each holder of a rights certificate who has fully exercised all of its rights will be
entitled to subscribe for additional shares, if available, at a price of 50 cents per
share. If the total number of shares subscribed for under this additional
subscription privilege exceeds the number of shares available, the available shares
will be allotted on a pro rata basis. This additional subscription privilege can be
exercised by completing Form 2 on the face of the rights certificate as well as
Form 1 and forwarding such certificate so completed to CIBC Mellon in Toronto
so as to be received there prior to the expiry time. The subscription price for
shares subscribed for under the additional subscription privilege must accompany
the subscription certificate when the certificate is forwarded to CIBC Mellon
pursuant to the initial subscription of rights under the rights offering. As soon as
practicable after the expiry time, CIBC Mellon will send to each subscriber who
completed Form 2 certificates evidencing shares allocated to such subscriber and
will return to such subscriber any excess funds paid.
It is anticipated that the rights offering circular and rights certificates will be mailed
to shareholders on or about Aug. 6, 1999.
The company has not retained a soliciting dealer to solicit the exercise of rights
and will not pay any fees in respect of such solicitation or commission for soliciting
subscriptions to this rights offering. |
