A special meeting of United Siscoe Mines to vote on a proposal to acquire a controlling interest in American Barrick Resources has been postponed indefinitely.
A special meeting had been scheduled for Dec 30 but was postponed to Jan 29. The Jan 29 meeting was terminated without voting on the acquisition due to unspecified “administrative delays.”
Siscoe Vice-president M. R. Riley says the reorganization of Siscoe making it the controlling shareholder of Barrick “isn’t dead” but said the company is trying to find ways to complete the restructuring plan.
The company anticipates sending out an updated information circular “when and if” the delays can be resolved.
A share exchange agreement with three private companies was the basis of the proposed reorganization. It would have given Siscoe a 30% interest in Barrick while the three companies would have a 92% interest in Siscoe. Barrick Chairman Peter Munk would have retained voting control of Siscoe through multiple-voting shares.
The proposed share swap was based on a price of $20.40 per Barrick share and $3.15 per Siscoe share.
A special meeting had been scheduled for Dec 30 but was postponed to Jan 29. The Jan 29 meeting was terminated without voting on the acquisition due to unspecified “administrative delays.”
Siscoe Vice-president M. R. Riley says the reorganization of Siscoe making it the controlling shareholder of Barrick “isn’t dead” but said the company is trying to find ways to complete the restructuring plan.
The company anticipates sending out an updated information circular “when and if” the delays can be resolved.
A share exchange agreement with three private companies was the basis of the proposed reorganization. It would have given Siscoe a 30% interest in Barrick while the three companies would have a 92% interest in Siscoe. Barrick Chairman Peter Munk would have retained voting control of Siscoe through multiple-voting shares.
The proposed share swap was based on a price of $20.40 per Barrick share and $3.15 per Siscoe share.
A special meeting of United Siscoe Mines to vote on a proposal to acquire a controlling interest in American Barrick Resources has been postponed indefinitely.
A special meeting had been scheduled for Dec 30 but was postponed to Jan 29. The Jan 29 meeting was terminated without voting on the acquisition due to unspecified “administrative delays.”
Siscoe Vice-president M. R. Riley says the reorganization of Siscoe making it the controlling shareholder of Barrick “isn’t dead” but said the company is trying to find ways to complete the restructuring plan.
The company anticipates sending out an updated information circular “when and if” the delays can be resolved.
A share exchange agreement with three private companies was the basis of the proposed reorganization. It would have given Siscoe a 30% interest in Barrick while the three companies would have a 92% interest in Siscoe. Barrick Chairman Peter Munk would have retained voting control of Siscoe through multiple-voting shares.
The proposed share swap was based on a price of $20.40 per Barrick share and $3.15 per Siscoe share.
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