Crown Capital Announces Approval of Amendments to Convertible Debentures and Default Waiver
Crown Capital Announces Approval of Amendments to Convertible Debentures and Default Waiver |
[18-October-2024] |
CALGARY, AB, Oct. 18, 2024 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) today announced that at a special meeting of the holders (the "Debentureholders") of its 10% unsecured subordinated debentures due December 31, 2024 (the "Debentures") held today, the Debentureholders approved an extraordinary resolution (the "Debentureholder Resolution") that:
A description of the Debentureholder Resolution is set out in the Corporation's management information circular dated September 10, 2024 and available under the Corporation's profile on SEDAR+ at www.sedarplus.ca. Debentureholders owning 45.940% of the outstanding Debentures voted. The detailed results of the vote were as follows:
Any Debentureholder that voted for the Debenture Amendments will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder as of September 5, 2024. The effective date of the Debenture Amendments will be on or about October 25, 2024. Crown will enter into a second amended and restated trust indenture to the current trust indenture between TSX Trust Company governing the Debentures to give effect to the Debenture Amendments. The Deferred Interest Payment will be made to Debentureholders holding Debentures as of a record date to be set and announced by the Corporation in the coming weeks. No record date or payment date for the Deferred Interest Payment has been set by the Corporation. The amount and timing of such Deferred Interest Payment will be disclosed by the Corporation in a future press release. In the event that the Deferred Interest Payment is not made by the Deferred Interest Payment Deadline, the Default Waiver will be of no further force or effect. About Crown Capital Partners (TSX: CRWN) Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca. FORWARD-LOOKING STATEMENTS This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the Debenture Amendments, Default Waiver and the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SOURCE Crown Capital Partners Inc. | ||||||||||
Company Codes: Toronto:CRWN |