"As announced, 7th September 2015 Antares believed it had achieved such a Liquidity Event with the execution of Purchase and Sale Agreements for the sale of both Northern Star and Big Star. Antares negotiated in good faith to achieve closing the sale of one or both of these assets prior to the 30th October 2015 so as to be able to meet the pending reset or redemption date.
The Purchaser did not honor their commitments and Antares sought a five month deferral of the reset or redemption date so as to be able to close the pending transaction or create an alternate Liquidity Event."
So Antares announced to the market that completion would occur prior to 30th November 2015 but they intended to close prior to the 30th of October 2015 (so that they could pay out noteholders). AZZ then sought a five month deferral.
Doesn't this imply that AZZ were aware that the Purchaser did not honor their commitments prior to 30th October 2015?
I wonder how noteholders would have voted if they knew the exact circumstances of the Purchaser including which commitments had been dishonored...
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
