UGLY (Ugly Duckling Corp) used cars Message Board

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

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To: Scott D. who wrote ()	10/20/1998 2:29:00 PM
From: Paul Lee	of 155

Ugly Duckling Corp. Announces Successful Completion of Exchange Offer PHOENIX--(BUSINESS WIRE)--Oct. 20, 1998--Ugly Duckling Corp. (Nasdaq/NM:UGLY) Tuesday announced the successful completion of its exchange offer, which expired Monday as scheduled. At the close of business on the expiration date, the exchange agent reported that a total of 2,463,603 shares of common stock were tendered to the company. The final total of tendered shares is subject to certain guaranteed delivery procedures and Ugly Duckling's review and acceptance of all such shares validly tendered. The company plans to deliver debentures in exchange for shares in accordance with the exchange offer as soon as practicable after the expiration of the guaranteed delivery period. The exchange offer enabled stockholders to exchange up to 5 million of their shares in the company for 12 percent, five-year subordinated debentures. Under the terms of the offer, each share of common stock was exchangeable for $6.50 principal amount of debentures. Stockholders who have questions about the exchange offer may contact Corporate Investor Communications Inc., the designated information agent, at 888/673-4478 (toll-free).

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