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Website -
Symbol - LOK.RT
Cusip Number - 54341P 11 7
Expiry Date - Feb. 23, 2004
News Releases
Look Communications rights offering
2004-01-21 17:37 ET - Rights Offering
The company has announced it will offer to shareholders of record on Friday, Jan. 30, 2004, rights to purchase secured convertible debentures of the company. One right will be issued for every 10 common shares held. Two hundred seventy-five rights and $1,000 are required to purchase a convertible debenture in the principal amount of $1,000. In total, $10,665,000 principal amount of convertible debentures will be issued if all rights are exercised. The expiry date for the rights offering is Feb. 23, 2004, at 5 p.m. (Toronto time). There is no standby agreement. As at Jan. 16, 2004, the company had 29,331,237 common shares issued and outstanding.
Basis of offering: one right will be issued for every 10 common shares held. Two hundred seventy-five rights entitle the holder thereof to purchase a convertible debenture in the principal amount of $1,000. In total, $10,665,000 principal amount of convertible debentures will be issued if all rights are exercised. The convertible debentures will be convertible at the option of the holder into common shares of the company, at a conversion price of 7.5 cents. In certain circumstances, the convertible debentures will be convertible at the option of the company into common shares, at a conversion price based on market price at the time of conversion.
Record date: Jan. 30, 2004
Trade ex-rights: Jan. 28, 2004
Called for trading: Jan. 28, 2004
Trade for cash: Feb. 18, 2004
Rights expire: 12 p.m. (noon, Toronto time) on Feb. 23, 2004
Rights symbol: LOK.RT
Right Cusip No.: 54341P 11 7
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Canadian Exchanges News
Canadian Securities Exchange News
Rights give existing shareholders a chance to proportionately buy shares in the new issue the company is putting out to raise more funds. The certificate showing this privilege is called a right. It gives the stockholders the first opportunity, to buy the new securities.
Rights issue
An offer made by a company to its shareholders to enable them to buy new
shares in the company at a discount to the market price.
