Sharechat Logo

Force extension allowed - on condition

By Phil Boeyen, ShareChat Business News Editor

Friday 1st February 2002

Text too small?
Troubled cinema operator Force Corp (NZSE: FOR) has extended it rights issue for a further week and at the same is offering those who have already subscribed a chance to withdraw their money.

Applications for the company's $31 million Mandatory Convertible Notes rights issue were originally due to close on January 18, but this was later changed to Friday, February 1, 2002. This has now been further extended to Friday, February 8.

Although the Market Surveillance Panel agreed to the extension, a condition is that Force offers any investors who have already subscribed to the issue the chance to withdraw their applications and receive a full refund of any money already paid.

"The company will be writing individually to all persons who have already subscribed for MCNs informing them of how they can withdraw their applications, and expects that these letters will be received by the applicants by no later than Monday 4th February 2002," Force says.

Force announced the rights issue last October and plans to use the cash to settle ownership of the its problematic Entertainment Centre in Auckland, reduce the debt of Village Cinemas in Argentina and repay some funding to its majority shareholder, casino company Sky City (NZSE: SKC).

Two weeks ago the company said it was in discussions with issue underwriter SkyCity Investments and other concerning the terms of the proposed funding facility for the business in Argentina and the satisfaction of the conditions in the underwriting agreement.

Force said at the time that a market announcement will be made when the discussions have been concluded.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SkyCity's Queenstown growth ambitions face test with convention centre decision tomorrow
SkyCity buys TVNZ land for $10.6 mln, broadcaster to put cash into upgrading main building
SkyCity shares fall as results show struggle to squeeze growth out of Auckland
SkyCity FY profit falls 8 percent on flat Auckland result, one-off 2012 benefits
FMA recorded Allen's role in SkyCity talks as potential conflict of interest
South Australia approves ‘game changing’ SkyCity casino licence, allowing A$300M investment
Government roped in FMA chair Simon Allen to help close SkyCity deal, papers show
SkyCity cleared to buy Queenstown's Wharf Casino
NZ govt, SkyCity take another 5 days on $402M convention deal
NZ government, SkyCity extend deadline for deal on $402M convention centre