Invitations to tender (summary) : Implementation of fire protection measures: - Replacement of 22 secondary distributions
(without delivery of the latter) - Renewal of safety lights, including the emergency lighting unit - Installation of a KNX system for Lighting and ventilation (without programming) - Installation of a mechanical smoke and heat extraction system - IEFC (without the delivery of plant equipment and field devices)
The most compelling justification for issuing exchangeable debt is non-tax-related and has previously been ignored -- namely, the underwriting fees and valuation effects associated with exchangeable debentures are substantially less than those associated with secondary distributions where the investor is left holding the convert's stock.
The documented negative price reactions at the announcement of secondary distributions (Mikkelson and Partch |5~), block sales (Holthausen, Leftwich and Mayers |3~), and equity issues (Asquith and Mullins |1~) are all consistent with this view.
A second plausible explanation of the smaller price response associated with exchangeable debt issues relative to secondary distributions is that an issuer of exchangeable debt, although well-informed, may, on average, not be as well-informed as the issuers of secondary distributions.
As documented earlier, the price response of the convert firm's stock at issue is negative, but smaller in magnitude than the price response associated with secondary distributions, the likely alternative method of disposal.
The price response of the convert firm is less pronounced than the negative price response associated with secondary distributions or block sales.
CMRA") announced Thursday that Phoenix, CMRA and a small number of senior executives and managers of Phoenix have agreed to sell, subject to certain conditions, by way of an additional issue and secondary distributions, to a syndicate of underwriters led by Deutsche Morgan Grenfell Canada Limited which includes Midland Walwyn Capital Inc.
The gross proceeds to be received by CMRA and the executives and managers of Phoenix from the secondary distribution will amount to $15,250,000 and $2,501,930, respectively, before deducting the underwriters fee and CMRA and the executives and managers' share of the expenses of the offering.
Along with the above transformation, it should create new primary and secondary distributions in some buildings.
Dismantling and removal of existing primary and secondary distributions and distributions GA
It is organized into 19 chapters, dealing with such topics as exempt securities, secondary distributions
, insider trading, shareholder voting, and corporate takeovers.
The ITU has decided to proceed with the modernization of the BT booth located in the main building and to replace all of the tables in the main distributions of 2 transformers 1000 kVA and arrays of secondary distributions
"Network", "Emergency" and "UPS" (uninterruptible power supply).