Amaya Inc. T.TSGI

RE:Stars Wins Court Appeal on Preferred Conversion

[maypeters]

What a show of greed from these clowns at these hedge funds. Should not be wasting the companies money and court time for this. 

solarman2013 wrote:

The Stars Group Provides Update on Mandatory Conversion of Convertible Preferred Shares

TORONTO, July 17, 2018 /CNW/ - The Stars Group Inc. (Nasdaq: TSG) (TSX: TSGI) today announced that the Ontario Superior Court of Justice ruled in its favor with respect to the previously announced application filed by Polar Multi-Strategy Master Fund (and certain affiliated funds) and Verition Canada Master Fund Ltd. regarding The Stars Group's pending mandatory conversion of all of its outstanding convertible preferred shares pursuant to their terms.  The Court dismissed the application by the applicants for a declaration that the mandatory conversion would contravene The Stars Group's articles of continuance.

As a result of the ruling, The Stars Group will proceed with closing its previously announced conversion of all its outstanding convertible preferred shares pursuant to their terms on July 18, 2018.  All the preferred shares outstanding as of July 18, 2018 will be converted at a rate of approximately 52.7085 common shares per preferred share, resulting in the cancellation of all the preferred shares and termination of all rights associated therewith. With an anticipated 986,551 preferred shares outstanding as of July 18, 2018, the mandatory conversion is expected to result in the issuance of approximately 52.0 million common shares.