1.388422 * 1.25 = 1.7355275 per exercised right therefore if ans shares closes at 3.50, 3.50-1.74 = 1.76 per right?????
ps. still no symbol of ans.rt (i'm assuming that is what it will be) at bmo, also no rights in my account yet too.
Ainsworth closes $350-million (U.S.) note offering
2012-11-27 13:11 ET - News Release
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Mr. Rick Eng reports
AINSWORTH COMPLETES PRIVATE PLACEMENT OF SENIOR SECURED NOTES AND FILES FINAL PROSPECTUS FOR RIGHTS OFFERING
Ainsworth Lumber Co. Ltd. has completed its previously announced private placement of $350-million (U.S.) aggregate principal amount of 7.5-per-cent senior secured notes due 2017. The Company also announced that it has filed a final short form prospectus (the "Prospectus") with the securities regulatory authorities in each of the provinces of Canada in respect of its previously announced fully backstopped rights offering (the "Rights Offering"). Ainsworth expects to raise gross proceeds of $175 million through the issue of 140 million Common Shares. The Rights Offering represents the last step in the comprehensive refinancing plan originally announced by Ainsworth on October 22, 2012.
Pursuant to the Rights Offering, Ainsworth is distributing to the holders of its outstanding common shares (the "Common Shares") of record at the close of business (Toronto time) on November 22, 2012 (the "Record Date") one right ("Right") for each Common Share held on the Record Date. For each Right held, the holder thereof is entitled to purchase 1.388422 Common Shares (the "Basic Subscription Privilege") at a price of $1.25 per Common Share prior to 4:00 p.m. (Toronto time) on December 21, 2012 (the "Expiry Date"). Holders who exercise in full the Basic Subscription Privilege for their Rights are also entitled to subscribe for additional Common Shares, if available, pursuant to an additional subscription privilege.