Stream Global Services Announces Tender Offer at $.50 Each for 17.5 Million Public Warrants
13 November 2009 - 1:00PM
PR Newswire (US)
BOSTON, Nov. 13 /PRNewswire-FirstCall/ -- Stream Global Services,
Inc. (NYSE Amex: SGS), a premium business process outsource (BPO)
service provider specializing in customer relationship management
services for Fortune 1000 companies ("Stream"), announced today its
intent to commence a tender offer to purchase up to 17,500,000 of
its publicly held warrants (NYSE Amex: SGS.WS) , that are
exercisable to purchase one share of its common stock for $6.00 in
cash, at a purchase price of $.50 per warrant. The publicly issued
warrants expire on October 17, 2011. The tender offer will commence
today and will expire, unless extended, at 5:00 p.m., New York City
time, on December 14, 2009. Tenders of warrants must be made on or
prior to the expiration of the tender offer and may be withdrawn at
any time on or prior to the expiration of the tender offer. Stream
will purchase all warrants properly tendered and not properly
withdrawn in the tender offer. However, if more than 17,500,000
warrants are properly tendered, Stream may purchase such additional
warrants on a pro rata basis, as specified in the Offer to Purchase
relating to the tender offer that will be filed with the Securities
and Exchange Commission (the "SEC") and distributed to warrant
holders. Stream anticipates that the purchase will be financed from
its available cash reserves and/or available borrowings under its
asset-based revolving credit facility. As of November 11, 2009,
there are 19,982,394 warrants outstanding. The tender offer is not
subject to a minimum number of warrants being tendered. However,
Stream's obligation to complete the tender offer is subject to
certain limited conditions, as described in the Offer to Purchase.
Stream currently intends that this will be its only tender offer to
purchase its public warrants prior to their expiration on October
17, 2011. R. Scott Murray, Stream's Chairman and Chief Executive
Officer said, "We believe that this is an opportunity to simplify
our capital structure. The public warrants are a residual element
from our Initial Public Offering in October 2007 when we were a
Special Purpose Acquisition Corporation and before our purchase of
Stream Holdings Corporation in July 2008. The price being offered
by Stream of $.50 per public warrant represents approximately a 60%
premium over the closing price of $.31 per warrant as quoted on
NYSE Amex as of the close of trading on November 12, 2009."
Stream's officers and directors will not tender any warrants
pursuant to the tender offer. None of Stream, its board of
directors, the depositary or the information agent makes any
recommendations to warrant holders as to whether to tender or
refrain from tendering their warrants pursuant to the Offer to
Purchase. Warrant holders must decide how many warrants they will
tender, if any. The information agent for the tender offer is
Innisfree M&A Incorporated. The depositary for the tender offer
is Continental Stock Transfer & Trust Company. The Offer to
Purchase, Letter of Transmittal and related documents are being
mailed to warrant holders of record and will be made available for
distribution to beneficial owners of Stream's warrants. Additional
Information. This press release is neither an offer to purchase nor
a solicitation of an offer to sell securities. The tender offer
described above has not yet commenced and will be made only
pursuant to a tender offer statement on Schedule TO and related
exhibits, including the Offer to Purchase, Letter of Transmittal
and other related documents, filed with the SEC. Warrant holders
should read the tender offer statement on Schedule TO, Offer to
Purchase, Letter of Transmittal and related exhibits when such
documents are filed and become available, as they will contain
important information about the tender offer. Warrant holders can
obtain these documents when they are filed and become available
free of charge from the SEC's website at http://www.sec.gov/, or by
directing a request to the information agent for the offer,
Innisfree M&A Incorporated, toll-free (888) 750-5834 (banks and
brokers may call collect at (212) 750-5833). Contact Information:
Sally Comollo Director of Marketing Communications 781-304-1847
About Stream Global Services, Inc. Stream is a premium business
process outsource service provider specializing in customer
relationship management services including sales, customer care and
technical support for Fortune 1000 companies. Stream is a trusted
partner to some of the world's leading technology, computing,
telecommunications, retail, entertainment/media, and financial
services companies. Stream's service programs are delivered through
a set of standardized best practices and sophisticated technologies
by a highly skilled workforce of approximately 30,000 employees
based out of 50 solution centers in 22 countries supporting more
than 30 languages. Stream continues to expand its global presence
and service offerings to increase revenue, improve operational
efficiencies and drive brand loyalty for its clients. Safe Harbor
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including statements regarding the
filing of tender offer documents with the SEC and the commencement
or completion of the tender offer on the anticipated timeframe.
These statements are neither promises nor guarantees, but involve
risks, uncertainties and other important factors that could cause
actual results to differ materially from those set forth in the
forward-looking statements, including, without limitation, the
risks and important factors detailed in Stream's filings with the
SEC, including those discussed in Stream's quarterly report on Form
10-Q for the quarterly period ended September 30, 2009, filed with
SEC on November 6, 2009. DATASOURCE: Stream Global Services, Inc.
CONTACT: Sally Comollo, Director of Marketing Communications of
Stream Global Services, Inc., +1-781-304-1847, Web Site:
http://www.stream.com/
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