RE:RE:debentureshave to agree on my mental mistake - jumped to conclusion too quickly it is not 6.4M but isn't it 640K and not 64K? i am unfamiliar with debentures marketplace and anyone input with some refernce will be appreciated.
By buying debentures Sheldon could impact the voting - i should have stated it more clearly. they need 2/3 of voters present at the meeting in person or by proxy. don't know the whole "politics" but doubt everyone would show up so Sheldon and co has a high probablity to impact the vote by under carpet dealing IMO
here is the link to the extraordinary meeting notice that will take place on Jan 22. may be i am reading it incorrectly.
https://divestor.com/wp-content/uploads/2015/01/2014-11-26-PNP.TO-NoticeOfMeeting.pdf
i don't see any limits on Pinetre buying debentures on the open market. here is the extract from the documents. can you provide your source as i haven't seen it.
4.9 Purchase of Debentures by the Company
Unless otherwise specifically provided with respect to a particular series of Debentures,
the Company may, if it is not at the time in default hereunder, at any time and from time to time,
purchase Debentures in the open market (which shall include purchases from or through an
investment dealer or a firm holding membership on a recognized stock exchange) or by tender at
any price or by contract or by private agreement. All Debentures so purchased will be delivered
to the Trustee and shall be cancelled and no Debentures shall be issued in substitution therefor.
If, upon an invitation for tenders, more Debentures are tendered at the same lowest price
than the Company is prepared to accept, the Debentures to be purchased by the Company shall
be selected by the Trustee on a
pro rata basis or in such other manner consented to by the
Toronto Stock Exchange or such other exchange on which the Debentures are then listed which
the Trustee considers appropriate, from the Debentures tendered by each tendering
Debentureholder who tendered at such lowest price. For this purpose the Trustee may make, and
from time to time amend, regulations with respect to the manner in which Debentures may be so
selected, and regulations so made shall be valid and binding upon all Debentureholders,
notwithstanding the fact that as a result thereof one or more of such Debentures become subject
to purchase in part only. The holder of a Debenture of which a part only is purchased, upon
surrender of such Debenture for payment, shall be entitled to receive, without expense to such
holder, one or more new Debentures for the unpurchased part so surrendered, and the Trustee
shall certify and deliver such new Debenture or Debentures upon receipt of the Debenture so
surrendered or, with respect to a Global Debenture, the Depository shall make notations on the
Global Debenture of the principal amount thereof so purchased.