Geneva staves off recievership
Geneva Finance's investors have approved a debt-for-equity swap which will stave off receivership.
Thursday, March 31st 2011, 8:01PM
by Jenny Ruth
Holders of $4.4 million of subordinated notes voted today on converting every $1,000 face value of their notes to 20,000 shares at an assumed five cents per share issue price. About 79.5% voted in favour, more than the 75% approval needed.
Shareholders also approved the measure, those voting being more than 90% in favour of three different resolutions. Debenture holders, most of whom are already shareholders too, were also asked to convert some or all debentures maturing March 15, 2015 to shares on the same terms
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