Stratos Global Corp. said that based on the initial response to its issuer bid dated Jan. 13, it will purchase for cancellation a total of 7.4 million common shares at a purchase price of Cdn $10.75($8.71). The offer for common shares expired on Feb. 18 at 11:59 p.m. EST. The repurchase will be funded from available cash on hand and from an advance under the company’s $25 million revolving credit facility. The common shares represent about 15 percent of the outstanding common shares of the corporation. Following the completion of the transaction, there will be approximately 42 million common shares outstanding.
Stratos To Cancel 7.4 Million Common Shares
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