The Lonmin Chairman Roger Phillimore stated via a written statement, "With the
standby underwriting and amended debt facilities signed we have taken two decisive steps on our way to delivering that and we are confident about our financial security.
First I address the
standby underwriting paradox described by Hansen (1989): the question of why issuing firms do not hire an underwriter on a standby basis and then set a low subscription price so that the underwriter is not required to take up shares, thus keeping costs low.
75 million of its pro-rata subscription rights by applying the fee due it for the original
standby underwriting fee and will pay cash for the remainder of its pro-rata rights.
For two years from the date of the shareholders agreement, Globopar and Telmex, subject to their respective fiduciary duties, upon Telmex's request, may approve future issuances of preferred shares in public offerings with pricing to be established through bookbuilding, and Telmex would agree to provide a
standby underwriting commitment to purchase such preferred shares at a price of not less than R$0.
Legalistic Style Plain English In the event of default by an If an underwriter defaults, the underwriter, the standby
standby underwriting agreement underwriting agreement provides generally allows the non-defaulting that, with minor exceptions, underwriter to increase its purchase purchase commitments of the commitments or terminate the non-defaulting underwriter may agreement.
35 per share, and Telmex will grant a
standby underwriting guarantee for subscription, at the minimum issue price of R$0.
Legalistic Style Plain English In the event of a default by If an underwriter defaults, an underwriter, the standby the
standby underwriting underwriting agreement agreement generally allows the provides that, with minor non-defaulting underwriter to exceptions, purchase increase its purchase commitments of the commitments or terminate non-defaulting underwriter the agreement.
14, 2000, the effectiveness of the company's Registration Statement which has been filed with the Securities and Exchange Commission, and the company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
Unisys has entered into a
standby underwriting agreement with an investment banker to help ensure that the conversion will be completed without significant use of company cash.
14, 2000, the effectiveness of the Company's Registration Statement and the Company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
Formal notice of redemption will be given by the Company to holders of the debentures upon the filing with the Securities and Exchange Commission and effectiveness of a registration statement in connection with a related
standby underwriting arrangement.
14, 2000, the effectiveness of the company's registration statement which it anticipates filing with the Securities and Exchange Commission shortly and the company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
