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Zaio holders OK one-time make-whole payment for conversion of notes
By Susanna Moon
Chicago, June 11 – Zaio Corp. said it obtained approval to make a one-time make-whole payment to debentureholders who opt to convert their debentures into units of the company.
At a meeting held Wednesday, holders approved the measure by a majority of those represented, according to a company press release.
Holders will receive common shares in the capital of the company in exchange for the forgone interest on the debentures, the press release noted.
Each unit issuable upon conversion of the debentures consists of a common share in the capital of the company and a common share purchase warrant.
Holders who convert their debentures and receive the make-whole payment must also immediately exercise their warrants, the company said.
Holders have until 7 p.m. ET on June 30 to submit the make-whole amount notice of election. Those who elect to exercise their right to convert all or some of their debentures may direct questions to info@zaio.com or 800 564-6253.
“In the event that debentureholders elect to convert all or a portion of their debentures, we will be in a stronger cash position and with reduced long term debt, which will provide further stability to grow our business,” David King, president and chief executive officer of Zaio, said in the press release.
“Additionally, with a strong portfolio of products and major customer expansions under way, we believe we are in an advantageous position to further expand our market presence in the United States.”
Calgary, Alta.-based Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from its database.
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