Following negotiations with the principal holder of its outstanding convertible Swiss bonds, a U.K.-based merchant banker, MVP Capital (TSE) has agreed to a restructuring of the bonds.
As a result of the proposed restructuring, the bonds will be exchanged for cash and preference shares of the company. The purchase price will be a payment of 18% of par and one voting preferred share, par value 4,675 Swiss francs, convertible into 25,212 common shares of MVP.
The preference shares will carry a priority over common shares in the event of the wind-up, dissolution or liquidation of MVP.
The restructuring is conditional upon MVP delivering an acceptable business plan (by June 30), as well as several other factors. MVP owns interests in several junior mining companies.
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