Lightstream Resources Ltd. LSTMF

Did the shareholders ever vote for the restructuring?

[NeewNeew]

Shareholders get the 2.25% only if they voted for the recap deal as per:

"The members of the Ad Hoc Committee have agreed that, subject to the terms and conditions of the Support Agreement, in the event that the Secured Notes Credit Bid is the successful bid, they will replicate the consideration 4 offered to Unsecured Noteholders or Shareholders in the Recapitalization as part of the Secured Notes Credit Bid, provided that, the Unsecured Noteholders or Shareholders, as the case may be, previously approved the Recapitalization at the requisite levels at their respective special meetings held to vote on the Recapitalization." (from https://www.lightstreamresources.com/files/pdf/investor-relations/2016/2016-Management-Information-Circular.pdf - August 29)

Did we ever hold a vote for or against recap?

From what I remember board kept postponing the anual meeting.

Any other info about the vote out there?

[reefsandals4eva]

there's a part about protecting minority shareholders.  I've read it before but i'm reading it again.

[oilman53]

The shareholders did vote in support of the restructuring but the second lien debtholders voted against.  For the old dal to proceed it needed 60% support from the first and second lien debtholders and the shareholders.  Thererfore, and that's what a lot of you dont understand, that deal which offered shares to the common and the secondlien debtholders WAS NOT CONSUMATED AND DIED

[NeewNeew]

Each class is dealth with seperately. Hence the "OR" in August 29 2016 Document: In the event the Company moves to the CCAA process, the members of the Ad Hoc Committee will, subject to the terms and conditions of the Support Agreement, make (or direct) a credit bid (the "Secured Notes Credit Bid") of the full amount of the claims outstanding in respect of the Secured Notes

[BluSky23]

Yes, I believe SH's have to be in the game because of these statements above. SH's cannot receive cash ahead of unsecured, but can receive ownership. I think the fact that Ridgeback dismissing the LTS board shows it bought the company. I don't expect LTS to file bankruptcy now, as it has no debt and Ridgeback will fund an orderly shut down. Will be interesting to find out, likely this

[Pancho2]

Agreed, we never voted, they kept posponing the AGM  July 13, 2016 With a view to reducing the expense and inconvenience to Shareholders associated with holding two separate meetings, Lightstream sought and received an extension from the TSX to postpone our Annual General Meeting to as late as September 30, 2016 in order to accommodate the Shareholder vote required for the Recapitalization