The payment by MICC and CIGL
will increase the book value of shareholders' equity by $0.
30, 1995, the total principal and accrued interest owing by MICC Investments to CIGL
Holdings was approximately $59.
MICC Investments will repay its Existing Debt to CIGL with funds drawn under its new credit facility from CIGL ( the "New Debt").
Following the consolidation, there will be approximately 2,349,348 Common Shares outstanding, of which CIGL will hold 1,722,931 (continuing to represent 73.
MICC Investments will then issue to CIGL from treasury an additional 23,333,736 Common Shares with the result that, after giving effect to that issue, the consolidation of the Common Shares and the change of the Preferred Shares into Common Shares, the Common Shares will be held as follows: -0-
MICC Investments and CIGL will also enter into a memorandum of agreement establishing the process and procedures to be followed by MICC Investments to complete a sale of, or other transaction involving or affecting, MICC and/or MICC Investments.
30, 1995, the total amount owned by MICCI to CIGL was approximately $59.
After giving effect to the consolidation of the common shares, the change of preferred shares and the issuance of additional common shares to CIGL, the present preferred shareholders would together hold 18 percent; the present common shareholders other than CIGL would hold 2 percent; and CIGL would hold 80 percent of the common shares.
In July 1995, CIGL confirmed to MICCI that it would require payment in full of the debt on its maturity on Sept.
of Canada, the only alternative available to MICCI was to come to an agreement with CIGL to restructure the debt and the equity of MICCI.
C) MICC Investments Limited ("MICCI") MICCI announced today that its principal creditor and major shareholder, CIGL Holdings Ltd.
In order to review all of the alternatives available to MICCI to satisfy the debt, the board of directors has created a Special Committee consisting of those directors who are not also directors of CIGL Holdings Ltd.