The deal with bond holders involved only the NYSE Listing only. Failure to maintain NYSE listing would lead to immediate cashing of the bonds outstanding.
Quoted from press release. May 18,2000.
A recent listing requirement of the New York Stock Exchange (“NYSE”), on which TVX trades, requires that all listed companies maintain a minimum trading price of US$1.00 per share. TVX’s common shares have been trading below this required minimum and, as a result, the Company has been advised by the NYSE that its share price must rise above the minimum trading price in order to maintain its listing. In addition, under the Note Indenture, dated March 24, 1997, which governs the Company’s 5% Gold Linked Convertible Notes (the “Notes”), the Corporation provided a covenant in favour of the holders of the Notes to take all steps necessary to maintain the listing and posting for trading of its common shares on the NYSE. |
