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Technology Stocks : Allen-Vanguard Rescue Board -- Ignore unavailable to you. Want to Upgrade?

To: Goldens who wrote (254)	9/22/2009 8:50:30 AM
From: kidl	Respond to of 724

NR OUT - A bit more clarity Allen-Vanguard to delist from TSX Oct. 21 2009-09-22 08:30 ET - News Release Shares issued 109,270,639 VRS Close 2009-09-11 C$ 0.10 An anonymous director reports ALLEN-VANGUARD ANNOUNCES TSX DELISTING AND KEY TERMS OF PROPOSED TRANSACTION Allen-Vanguard Corp. has been informed that the Toronto Stock Exchange will delist the common shares of the company on Oct. 21, 2009, as the company no longer meets the requirements for continued listing. Following the company's announcement on Sept. 12, 2009 (in Stockwatch Sept. 14, 2009), of a going-private transaction, the TSX suspended trading in the stock as of the next trading day, Sept. 14. On Saturday, Sept. 12, 2009, the company announced a going-private transaction (as shown in Stockwatch Sept. 14, 2009) with a private equity fund pursuant to which the investor is providing capital to reduce the debt with the company's existing secured lenders and purchase a portion of that debt. The lenders will also write off a portion of the existing debt. The remainder of the existing debt will be converted into a multiyear restructured term loan with a new revolving credit facility and documentary credit facility. The transaction will proceed by way of court-approved plan compromising and restructuring the debt as described above and cancelling all shares, options, restricted stock, warrants and other securities in the company, and any related rights (including those held by the lenders) with no consideration paid to holders. Closing of this transaction is subject to closing conditions customary to a transaction combining a balance sheet restructuring with new investment, including regulatory and court approvals. A closing is anticipated before the end of the year and no shareholder vote will be sought. We seek Safe Harbor.