In the event there are any unexercised Rights after the Basic Subscription Privileges
and Over-subscription Privileges
have been fulfilled, then any such remaining unexercised Rights shall be offered to members of management, including Directors.
05 per share and represent the number of shares that MacAndrews & Forbes would otherwise have been entitled to subscribe for in the rights offering pursuant to its basic subscription privilege
(which is approximately 60% of the total shares offered in the rights offering and private placement combined).
Chemical Mellon received subscriptions to purchase approximately 9,750,000 Warrants pursuant to the Over Subscription Privilege
but only 1,471,565 Warrants remained after the exercise of the Basic Subscription Privilege
In addition, the subscription rights include an over-subscription privilege
pursuant to which each rights holder that exercises its basic subscription privilege
in full (as described in the prospectus supplement being mailed on or about December 18, 2006 to stockholders of record as of the Record Date) may also subscribe for additional shares at the same subscription price of $1.
The Basic Subscription Privilege
provided that for every five common shares held, shareholders received the right to purchase two additional common shares at 75 cents ($0.
Pursuant to an over-subscription privilege
in the rights offering, each rights holder that exercises its basic subscription privilege
in full may also subscribe for additional shares at the same subscription price per share, to the extent that other stockholders do not exercise their subscription rights in full.
A total of 5,606,048 shares were issued pursuant to the Offering including 1,121,210 shares issued as part of the additional 25% over subscription privilege
The 433,532 shares not subscribed for pursuant to the exercise of the basic subscription privileges
and over-subscription privileges
were purchased by the standby purchaser for a purchase price of approximately USD3m.