Preference Share Redemption
31 Agosto 2007 - 4:01AM
UK Regulatory
RNS Number:0434D
Cosentino Signature Wines plc
31 August 2007
31 August 2007
Cosentino Signature Wines PLC
("Cosentino" or the "Company")
Redemption of Preference Shares
Cosentino, the AIM listed Napa Valley based wine company has today sent to its
shareholders, a circular convening an extraordinary general meeting ("EGM") at
which a resolution will be proposed to cancel the share premium account of the
Company, which currently stands at US$44,947,907.
The cancellation is being efffected in order to enable the Company to redeem the
10 per cent. Cumulative Redeemable Preference Shares of US$0.50 each (redeemable
at their issue price of $US1.00) ("Preference Shares") which were issued in June
this year, principally in order to capitalize loans advanced primarily by the
Company's chairman, Mr Larry Soldinger, and an entity controlled by him as part
of the refinancing package that the Company finalized in March 2007.
In the first instance it is proposed to redeem 2,000,000 Preference Shares out
of the holding of 2,765,102 Preference Shares held by MCOZ Preferred, LLC, an
entity controlled by Mr Soldinger and in which certain other directors, namely
Mr Greg Deman and Mr Hal Wolken, are also interested. These shares form part of
the 3,177,620 "Priority Preference Shares" which were designated as such at
their time of issue and which under their terms enjoy a right of accelerated
redemption should the board determine to effect an early redemption of
Preference Shares.
Given the interest that Mr Soldinger, Mr Deman and Mr Wolken have in the matter,
the independent directors, Mr Christopher Crosthwaite and Mr Ben Soldinger, have
sought counsel from the Company's nominated adviser and financial adviser,
Seymour Pierce Limited. The independent directors, having consulted with
Seymour Pierce Limited, consider the proposed redemption of Preference Shares to
be fair and reasonable insofar as Shareholders are concerned.
The EGM will be held at the registered office of the Company, 8 Clifford Street,
London W1S 2LQ on Tuesday 25 September 2007 at 4 pm.
-Ends-
Enquiries:
Larry Soldinger
Cosentino Signature Wines
Jonathan Wright
Seymour Pierce
020 7107 8000
Jonathon Brill/Billy Clegg/Edward Westropp
Financial Dynamics
020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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