Debenture OfferAt the sparsley attended special meeting this morning, the company's offer was apparently not supported by enough Debenture Holders, however a do over is planned for next Thursday, June 16 based on the unclear concept that there were not enough debentures represented to take the vote, although there is not a requirement for any set amount that is apparent in the Management Information Circular
"For the Debenture Amendments to be adopted, either:
holders of at least 66 2/3% of the principal amount of the Debentures, present or represented by proxy at the Meeting must vote FOR the applicable Extraordinary Resolution at the Meeting; or
holders of at least 66 2/3% of the outstanding principal amount of the Debentures must approve the applicable Extraordinary Resolution in writing ( Written Consent ) by marking the "CONSENTS TO/VOTES For" box in favour of the Extraordinary Resolution on the accompanying Form of Proxy and Consent
("Form of Proxy and Consent") and ececuting and returning it.
There is no minimum number of debentures that are needed as per the first option, just that at least 2/3 of the debentures represented at the meeting by proxy or in person must approve the resolution.
The company did not appear to take a vote, but it did appear that those debenture holders present and who spoke to the issue , were not in favour.
Thus, it appears , the vote next Thursday is a sort of "do over" as things this morning weren't apparently going to turn out as company hoped.
Anyway, we can do all this again next week, unless the company revises its offer and presents something more acceptable to Debenture Holders while still being fair to the company and shareholders.