Multivision Completes Preferred Share Redemption and Announces Share
Consolidation
/NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES/
VANCOUVER, Dec. 30 /CNW/ - Multivision Communications Corp. ("Multivision", TSXV: MTV) announced that is has closed the previously announced redemption of the Preferred shares of MTV in exchange for the assignment and transfer to Cristal Delaware LLC, 21st Century Communications T-E Partners, L.P, 21st Century Communications Foreign Partners, L.P., 21st Century Communications Partners, L.P., and Douglas E. Schimmel (collectively, the "Preferred Shareholders") of all of the issued and outstanding shares of Multivision Investments Inc. ("MII"), a Barbadian wholly-owned subsidiary of Multivision, which indirectly owns Multivision S.A. The redemption of the Preferred shares constitutes the disposition of all or substantially all of the assets of MTV. MTV, which was continued to British Columbia as part of the redemption, will continue to trade on the NEX board of the TSX Venture Exchange.
Multivision also announces that the board of directors have approved, in principle, the consolidation of the common shares of MTV on a basis of one (1) post-consolidation common share for five (5) presently outstanding common shares. The shareholders of MTV previously approved a consolidation range at a special meeting. The consolidation will be implemented by a final board resolution.
As a result of the completion of the share redemption, Multivision has no active business. Trading in the securities of Multivision should be considered highly speculative.
For further information:
Altaf Nazerali, President and CEO
(604) 628-7597
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