- The Company currently expects the bond amendment proposal to pass at the Adjourned Meeting on September 20, 2021.
Eros STX Global Corporation (NYSE:ESGC) (“ErosSTX” or the “Company”) is providing an update on the previously announced proposed amendments to its £50 million ($69 million) 6.50% UK retail bonds that mature on October 15, 2021 (the “UK Retail Bonds”).
The Company previously submitted a request to bondholders to, among other things, extend the fiscal 2021 financial statement delivery date from July 31, 2021 to November 30, 2021, as well as to extend the maturity date of the bonds to April 15, 2023, as disclosed in the Company’s Form 6-K furnished to the SEC on August 10, 2021.
The bondholder meeting (the “Initial Meeting”) was held today and was adjourned for lack of quorum until September 20, 2021 (the “Adjourned Meeting”). The Initial Meeting required a quorum of at least 75% of the Bonds outstanding whereas the Adjourned Meeting requires a quorum of at least 25% of the Bonds outstanding. For the proposal to pass, at least 75% of the votes cast must be in favor.
Based on the vote results submitted to date, the Company currently expects to satisfy the quorum requirement and pass the proposed amendments at the Adjourned Meeting. The Company expects to announce the final result of the Adjourned Meeting on September 20, 2021.
Nothing in this document constitutes an offer to buy or the solicitation of an offer to sell securities in any jurisdiction in which such offer or solicitation would be unlawful.
