Spectrum Group International Extends Partial Cash Tender Offer to Acquire up to 2,500 of its Common Shares; Modifies Proration to Accept All Odd Lot Tenders of Five Shares or Less; Allows Withdrawal
SANTA ANA, Calif., Nov. 20, 2019 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (OTCPK:SPGZ) (“Spectrum” or the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, has extended the offering period of its previously announced tender offer (the “Offer”) for up 2,500 of its common shares at a price of $700 per share in cash. The Offer is now scheduled to expire at 5:00 p.m., New York City time, on Wednesday November 27, 2019, unless the Offer is further extended or earlier terminated in accordance with the terms set forth in the Company’s Offer to Purchase, dated October 14, 2019 and the related Letter of Transmittal.
In addition, the Company has amended the proration provisions of the Offer to provide that it will accept for purchase all odd lots of up to five shares that are properly tendered. If, after giving effect to the purchase of the odd lots, the Offer is oversubscribed, the number of shares accepted for payment from all other tendering shareholders will be reduced proportionately based on a proration factor determined by the ratio of the total number of shares tendered by other tendering shareholders to the total number of shares that the Company is agreeing to accept in the Offer less the number of odd lot shares that are purchased.
Because of the change in the proration provisions, the Company will allow shareholders that have previously tendered their shares to withdraw their tenders prior to the expiration of the Offer. Shareholders wishing to withdraw their shares should contact the information agent for the Offer.
American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised the Company that as of 5:00 p.m., New York City time, on November 19, 2019, the last business day prior to the announcement of the extension of the offer, 223.5190 shares had been validly tendered pursuant to the tender offer.
Consummation of the Offer remains subject to the conditions described in the Offer to Purchase.
D.F. King & Co., Inc. is acting as information agent for the Offer. For all questions regarding the Offer documentation or procedures, please contact D.F. King Inc. at: or (888) 605-1958. Bank and Brokers please call 212-269-5550.
About the Company
Spectrum operates through its subsidiaries as an integrated network of leading companies concentrating on numismatics (coins) and paper currency. We are also a merchant/dealer of certain collectibles. The sale of our products is conducted through auctions – both traditional live auctions as well as Internet only auctions – or through merchant/dealer transactions. We have offices and auction houses in North America, Europe and Asia. The Company's principal subsidiary is Stack's-Bowers Numismatics, LLC. In addition, through our 40% interest in Spectrum Wine Auctions, LLC, we are also engaged in the sale of rare and fine vintage wines.
CONTACT:
Carol Meltzer
949-955-1250
