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Enter Symbol
or Name
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CA



IBI Group Inc
Symbol IBG
Shares Issued 17,756,534
Close 2014-12-19 C$ 1.81
Market Cap C$ 32,139,327
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FP says IBI Group finally puts debenture spat to bed

2014-12-22 04:31 ET - In the News

The Financial Post reports in its Saturday edition that the final stage in a spat between holders of 7-per-cent convertible debentures issued by IBI Group more than five years back and the company concluded last week. The Post's Barry Critchley writes that IBI filed a prospectus for an issue of $3,551,000 of 7-per-cent unsecured two-year subordinated notes. That prospectus was issued following an amendment to an issue of convertible debentures, an amendment that was reluctantly approved by holders this year. The $3,551,000 is the amount holders stand to receive at the end of 2016 -- in effect the compensation they will receive for giving up the right to receive $46-million of value at maturity, originally at month-end. Mr. Critchley notes that it took IBI two attempts to get the matter that will see the term of the debentures extended in exchange for paying a consent fee approved at meetings over the summer. It was only when IBI drastically improved the offer that holders came on side. IBI said Friday amending the convertible debentures "was an important milestone in our recapitalization plan," as it was followed by a reduction in debt enabling it "to enter into amended and restated credit facilities."

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