RE: RE: Common Shareholders will vote YES"YLO can simply convert prefs 1 and 2 to common as well as the debentures to common."
There is a conversion clause on the Deb's but it is not something that the company would ever do, but the Deb holders would be smiling from ear to ear if they did. First off, conversion before Oct 1 2013 is totally at the discretion of the holder and if you read the following, is not something the holders would opt to do. After Oct 1 2013 YLO can convert but the conversion would be at 1.25 (minimum) face for fair market value commons. 1.25 *$200 million in face debentures would yield 3.57 Billion common shares at todays prices....LOL...No I think that option is off the table.
Oh don't forget guy's you have a $3.25 interest payment due on this Oct. 1. If this does not get passed by then, then they owe that to you. If they do not pay then you can call a default and legally demand full face. Once you file the default in the courts then thay can not change a thing with respect to the Deb's Talk about throwing a monkey wrench into this. If this does not pass then you are in a much more powerful position than you ever realized.
https://ca.hotstocked.com/docs/show/yellow_media_inc/final_short_form_prospectus_english/finalprospeng2.pdf
Debenture Exchange Privilege
Each Debenture will be exchangeable into Units at the option of the holder at any time prior to 5:00 p.m. (Montreal time) on the
close of business on the earlier of the Maturity Date and the business day immediately preceding the date specified by Yellow
Media Inc. for redemption of the Debentures, at an exchange price of $8.00 per Unit (the "Exchange Price"), being a ratio of 125
Units per $1,000 principal amount of Debentures, subject to adjustment in certain events in accordance with the trust indenture
governing the terms of the Debentures. Further particulars concerning the exchange privilege, including provisions for the
adjustment of the Exchange Price in certain events, are set out under "Details of the Offering - Exchange Privilege".
The Debentures may not be redeemed by Yellow Media Inc. prior to October 1, 2013. On and after October 1, 2013, but prior to
October 1, 2015, the Debentures may be redeemed at the option of Yellow Media Inc., in whole at any time or in part from time
to time at a price equal to the principal amount thereof plus accrued and unpaid interest on not more than 60 days and not less
than 30 days prior written notice, provided that the volume weighted average trading price of the Units on the TSX for the 20
consecutive trading days ending on the fifth trading day immediately preceding the date on which notice of redemption is given is
not less than 125% of the Exchange Price. On and after October 1, 2015 and prior to the Maturity Date, the Debentures may be
redeemed at the option of Yellow Media Inc. in whole at any time or in part from time to time, at a price equal to the principal
amount thereof plus accrued and unpaid interest on not more than 60 days and not less than 30 days prior written notice.