Resin Systems gets OK to pay 8.5% convertibles interest in shares

By Jennifer Chiou

New York, Jan. 7 - Resin Systems Inc. announced that it received the necessary consents from holders of its 8.5% unsecured convertible debentures due Oct. 7, 2010 to allow it to satisfy its interest payments on the debentures by issuing common stock instead of paying cash.

The amount of shares to be issuable will be calculated by dividing the interest payment by 95% of the volume-weighted average trading price of Resin System shares for the five trading days preceding the interest payment date.

The company said it will issue 2,582,891 shares to satisfy its Dec. 31 interest payment.

Resin is a composite products company based in Calgary, Alta.

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