General Finance Corporation Announces Program for Reduced Exercise Price of Warrants Through May 30, 2008
02 Mai 2008 - 2:00PM
PR Newswire (US)
PASADENA, Calif., May 2 /PRNewswire-FirstCall/ -- General Finance
Corporation (the "Company") (AMEX:GFNAMEX:GFN.WSAMEX:GFN.U) today
announced that the Company has offered holders of 9,208,333
warrants, including all of the Company's publicly-traded warrants
and 583,333 privately placed warrants, the opportunity to exercise
those warrants on amended terms, for a limited time. The Company is
modifying 9,208,333 warrants to reduce the exercise price from
$6.00 to $5.10 so that a holder may exercise a warrant by paying
$5.10 to receive one share of common stock. The offer will commence
on May 2, 2008, and continue until May 30, 2008 at 5:00 p.m.,
Eastern Daylight Time, unless the offer is extended or withdrawn.
Warrants must be tendered prior to the expiration of the offer, and
tenders of existing warrants may be withdrawn at anytime on or
prior to the expiration of the offer. Withdrawn warrants will be
returned to the holder in accordance with the terms of the offer.
Upon termination of the offer, the original terms of the warrants
will be reinstituted, the exercise price will revert to $6.00 and
the warrants will expire on April 5, 2010, unless earlier redeemed
according to their original terms. Ronald Valenta, the Chief
Executive Officer of the Company stated, "We are pleased to offer
our warrant holders the opportunity to exercise their warrants at a
reduced exercise price of $5.10 per share and hope that a
substantial number of warrants will be exercised. We believe that
the Company and its stockholders will benefit from the potential
raising of capital for the Company to fund its growth, the
simplification of our capital structure and the reduction in the
overhang of those warrants on the Company's common stock. We also
believe that an increase in the number of outstanding shares of
common stock resulting from the exercise of warrants will provide
greater liquidity for our common stock." Each director and
executive officer of the Company who exercises these warrants
pursuant to this offer will undertake the exercise in accordance
with the terms of the offer. Collectively, the directors and
officers of the Company own 1,492,333 of the warrants covered by
this offer. The terms and conditions of the offer are as set forth
in the offer letter and related documentation and will be
distributed to holders of the Company's warrants on May 2, 2008.
Continental Stock Transfer & Trust is acting as dealer manager
in connection with the warrant offer. A copy of the offering
documents may be obtained from Bob Marese of MacKenzie Partners,
Inc., the Information Agent for the offering. MacKenzie's telephone
number for bankers, brokers and warrant holders is (800) 322-2885.
Please contact MacKenzie Partners, Inc. with any questions
regarding the offering. Investors are urged to read the following
documents to be filed with the Securities Exchange Commission
(SEC), as they may be amended from time to time, relating to the
offer as they contain important information: (1) the Schedule TO
and related Offer Letter; (2) the prospectus dated April 23, 2008
to the Company's registration statement on Form S-1 and the
prospectus supplement dated May 2, 2008; and (3) the Company's
other reports filed with the SEC for information about the Company
generally. These and any other documents relating to the offer,
when they are filed with the SEC, may be obtained at the SEC's
website at http://www.sec.gov/, or from the Information Agent as
noted above. This press release itself is not intended to
constitute an offer or solicitation to buy or exchange securities
in the Company, nor shall there be any sale or purchase of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. THE COMPANY'S BOARD OF DIRECTORS HAS
APPROVED THE WARRANT EXERCISE PRICE REDUCTION. HOWEVER, NEITHER THE
COMPANY NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY
RECOMMENDATION AS TO WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A
WARRANT MUST MAKE ITS OWN DECISION AS TO WHETHER TO EXERCISE SOME
OR ALL OF ITS WARRANTS. The information above does not constitute
an offer to buy or exchange securities or constitute the
solicitation of an offer to sell or exchange any securities in the
Company. About General Finance Corporation The Company, through its
indirect 86.2%-owned subsidiary, Royal Wolf, sells and leases
portable storage containers, portable container buildings and
freight containers to a broad cross section of industrial,
commercial, educational and government customers throughout
Australia. Cautionary Statement About Forward-Looking Statements
Statements in this news release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to prospects of Royal Wolf.
Readers are cautioned that these forward-looking statements involve
certain risks and uncertainties, including those contained in
filings with the Securities and Exchange Commission; such as the
Company's revised definitive proxy statement with respect to the
Company's acquisition of Royal Wolf, its Transition Report on Form
10-K for the six months ended June 30, 2007 and its post-effective
amendment on Form S-1. General Finance Corporation disclaims any
obligation to update any information contained in any
forward-looking statement. Contact: John Johnson Chief Operating
Officer General Finance Corporation (626) 584-9722 ext. 1009
DATASOURCE: General Finance Corporation CONTACT: John Johnson,
Chief Operating Officer of General Finance Corporation,
+1-626-584-9722, ext. 1009
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