UGLY (Ugly Duckling Corp) used cars Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : UGLY (Ugly Duckling Corp) used cars

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Scott D. who wrote ()	9/28/1998 7:33:00 AM
From: Paul Lee	of 155

Ugly Duckling Corp. and Cygnet Financial Corp. Terminate Rights Offering PHOENIX--(BUSINESS WIRE)--Sept. 28, 1998--Ugly Duckling Corp. (Nasdaq NM:UGLY) and Cygnet Financial Corp. (Nasdaq NM:CGNTR) Monday announced that they have terminated the sale of Cygnet common stock in a rights offering to Ugly Duckling's stockholders. The decision was primarily based on the lack of a sufficient number of investors for Cygnet to meet Nasdaq requirements. The company is continuing to explore alternatives for separating its dealership and non-dealership operations. In the meantime, Cygnet will remain a wholly owned subsidiary of Ugly Duckling. Shareholders who participated in the rights offering will receive a full refund of their subscription payment. For information about this refund, contact Corporate Investor Communications Inc., the designated information agent, at 888/673-4478. The termination of the rights offering does not affect the exchange offer announced by Ugly Duckling on Sept. 17, which enables stockholders to exchange their shares in Ugly Duckling for 12 percent, five-year subordinated debentures. Under the terms of that offer, each share of common stock can be exchanged for $6.50 principal amount of debentures. The expiration date of the exchange offer is Oct. 19, 1998. With headquarters in Phoenix, Ugly Duckling is a used car sales and finance company that operates the nation's largest chain of used car dealerships focused exclusively on the sub-prime market. The company underwrites, finances and services sub-prime contracts generated at its 51 Ugly Duckling dealerships. Cygnet Financial engages in the business of providing various financial services primarily to the sub-prime segment of the automobile financing industry.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next