MRD Melcor Developments Ltd

Melcor Developments Ltd. (TSX:MRD), an Alberta-based real estate development and
asset management company, is pleased to announce that upon redemption of its
currently outstanding $40.0 million 6.25% Convertible Unsecured Subordinated
Debentures (the "Debentures") due February 8, 2017, for which a redemption
notice was issued on June 24, 2014, common shares of the Company (the "Common
Shares"), each with an issue price of $24.66 (the "Redemption Issue Price"),
will be issued to satisfy the principal amount of the Debentures. Consequently,
holders of Debentures who have not elected to convert their Debentures on or
prior to August 7, 2014, will receive 40.56 Common Shares for each $1,000
principal amount of Debentures redeemed plus a cash payment for accrued unpaid
interest up to, but excluding, the August 8, 2014 redemption date (the
"Redemption Date"). 


Pursuant to the terms of the Debentures, the Redemption Issue Price is
calculated as 95% of the volume weighted average trading price of the Common
Shares on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading
days ending on the fifth trading day preceding the Redemption Date. 


Each holder not wishing to receive Common Shares upon redemption at the
Redemption Issue price will have the right to convert their Debentures into
Common Shares at a conversion price of $18.51 per Common Share (the "Conversion
Price") at any time on or prior to August 7, 2014. A holder electing to convert
the principal amount of their Debentures will receive 54.02 Common Shares for
each $1,000 principal amount of Debentures converted plus a cash payment for
accrued unpaid interest up to, but excluding, the conversion date. 


No fractional shares will be issued on redemption or conversion but, in lieu
thereof, the Company shall pay the cash equivalent thereof determined on the
basis of the current market price of the Common Shares on the Redemption Date or
conversion date, as applicable (less any tax required to be deducted, if any).


About Melcor Developments Ltd. 

Melcor is a diversified real estate development and management company with a
rich heritage of integrity and innovation in real estate since 1923. 


Through integrated operating divisions, Melcor manages the full life cycle of
real estate development: acquiring raw land, community planning, construction
and development, and managing revenue-producing office, retail and residential
assets. Melcor develops and manages mixed-use residential communities, business
and industrial parks, office buildings, retail commercial centres and golf
courses. 


Melcor is committed to building communities that enrich quality of life -
communities where people live, work, shop and play. 


Melcor's headquarters are located in Edmonton, Alberta, with regional offices
throughout Alberta and British Columbia. Company developments span western
Canada and the US. Melcor has been a public company since 1968 and trades on the
Toronto Stock Exchange (TSX:MRD).


Forward Looking Statements 

Certain information set forth in this news release, may contain forward-looking
statements, and necessarily involve risks and uncertainties, certain of which
are beyond Melcor's control. Actual results, performance or achievements could
differ materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or occur, or if any
of them do so, what benefits that Melcor will derive therefrom. Additional
information on these and other factors that could affect Melcor are included in
reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com). Furthermore, the
forward-looking statements contained in this news release are made as of the
date of this news release, and Melcor does not undertake any obligation to
update publicly or to revise any of the included forward looking statements,
whether as a result of new information, future events or otherwise, except as
may be expressly required by applicable securities law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Business Contact
Brian Baker
Chief Executive Officer
Tel: 780.423.6931
info@melcor.ca


Investor Relations
Jonathan Chia, CA
Chief Financial Officer
Tel: 1.855.673.6931
ir@melcor.ca

Melcor Developments (TSX:MRD)
Historical Stock Chart
From Nov 2024 to Dec 2024

Melcor Developments (TSX:MRD)
Historical Stock Chart
From Dec 2023 to Dec 2024