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Name | Symbol | Market | Type |
---|---|---|---|
Lakeview Hotel Investment Corp | TSXV:LHR.DB.C | TSX Venture | Debenture |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.10 | 4.01 | 7.39 | 0 | 01:00:00 |
WINNIPEG, Oct. 28, 2016 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") announced today its intention to amend the terms of its outstanding Series C Redeemable Subordinated Debentures (the "Series C Debentures") and its outstanding Series D Redeemable Subordinated Debentures (the "Series D Debentures", and together with the Series C Debentures, the "Debentures"). LHIC has prepared and will send to holders of the Series C Debentures (the "Series C Debentureholders") and the Series D Debentures (the "Series D Debentureholders") a joint information circular (the "Circular") and a proxy and consent form relating to the meeting of the Series C Debentureholders (the "Series C Meeting"), at which the Series C Debentureholders will vote on whether to accept the amendments to the Series C Debentures, and a proxy and consent form relating to the meeting of the Series D Debentureholders (the "Series D Meeting"), at which the Series D Debentureholders will vote on whether to accept the amendments to the Series D Debentures. Each of the Series C Meeting and the Series D Meeting will be held on November 28, 2016.
LHIC wishes to amend the Debentures as it has been in the process of refinancing certain debt and amending certain debt covenants. LHIC does not currently have the cash resources available to repay the Series C Debentures or the Series D Debentures when they mature and to make the regularly scheduled interest payments thereon. The Corporation's ability to realize its current business strategy and to establish adequate working capital is contingent on, among other things, a successful resolution of the upcoming maturing of such debentures and deferring interest payments until August 22, 2019.
At the Series C Meeting, the Series C Debentureholders will be asked to approve the following amendments (the "Series C Amendments") to the Series C Debentures:
In order to effect the Series C Amendments, LHIC will be required to enter into a supplemental trust indenture with the trustee for the Series C Debentures, CIBC Mellon Trust Company. The Series C Amendments will be effective on or about November 29, 2016. Further information regarding the Series C Amendments will be available in the Circular, which will be filed on SEDAR.
In the event that LHIC receives the written consent of Series C Debentureholders holding at least 66⅔% of the principal amount of the Series C Debentures prior to the Series C Meeting, the Series C Amendments will be approved and LHIC will cancel the Series C Meeting.
At the Series D Meeting, the Series D Debentureholders will be asked to approve the following amendments (the "Series D Amendments") to the Series D Debentures:
In order to effect the Series D Amendments, LHIC will be required to enter into a supplemental trust indenture with the trustee for the Series D Debentures, CIBC Mellon Trust Company. The Series D Amendments will be effective on or about November 29, 2016. Further information regarding the Series D Amendments will be available in the Circular, which will be filed on SEDAR.
In the event that LHIC receives the written consent of Series D Debentureholders holding at least 66⅔% of the principal amount of the Series D Debentures prior to the Series D Meeting, the Series D Amendments will be approved and LHIC will cancel the Series D Meeting.
LHIC has retained Laurentian Bank Securities to act as soliciting agent. Laurentian Bank Securities will solicit votes regarding the Series C Amendments and the Series D Amendments.
There is $18,326,000 principal amount of Series C Debentures issued and outstanding, and $10,160,000 principal amount of Series D Debentures issued and outstanding. The Series C Debentures are listed on the TSX Venture Exchange under the trading symbol "LHR.DB.C", and the Series D Debentures are listed on the TSX Venture Exchange under the trading symbol "LHR.DB.D".
Lakeview Hotel Investment Corp. is listed on the TSX Venture Exchange under the symbol "LHR". Lakeview Hotel Investment Corp. receives income from ownership, management and licensing of hotel properties.
The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment Corp
Copyright 2016 Canada NewsWire
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