CIGL has advised MICC Investments that it intends to vote its Common Shares in favour of the Restructuring Plan.
17, 1995--MICC Investments Limited MICC Investments Limited ("MICC Investments") announced today its financial results for the nine month period ended September 30, 1995, and also announced that it has signed an agreement with its principal creditor and major shareholder, CIGL Holdings Ltd.
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-
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.