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Thursday, December 20, 2012 10:06:49 PM
MB Technology Holdings Intention to Invest in xG Technology, Inc.
December 01, 2010 7:38 PM
SARASOTA, Fla.--(BUSINESS WIRE)--
MB Technology Holdings, LLC (“MBTH”), the holder of 39.72% of the shares in xG® Technology, Inc. (LSE-AIM: XGT, “xG”), announced today that, as part of George Schmitt's joining MBTH as CEO and discussing an investment in MBTH (as announced earlier), it is MBTH's current intention to invest in xG, in addition to the loans already made available to xG. MBTH is contemplating investment in xG of a total of up to $10 million pursuant to the additional shareholder loan facility announced by the Company on October 8, 2010. The intention is that any such investment will be made in such a way so as not to trigger the mandatory take-over provisions in the Company's Amended and Restated Certificate of Incorporation, whether by waiver by consent of shareholders or otherwise. Provided such waiver is given or the mandatory take-over provisions are otherwise not triggered, MBTH intends to offer to purchase new xG shares at a price of $0.25 per share (representing a premium of over 55% based on the latest closing mid-price for xG's shares). If MBTH is required to make a mandatory take-over offer to the holders of all of the xG Shares not held by MBTH then the offer price will be less than the latest closing mid-price of $0.16 per xG share since MBTH will have to offer to purchase more shares than under its contemplated investment in xG.
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Read more: http://www.benzinga.com/press-releases/10/12/b659873/mb-technology-holdings-intention-to-invest-in-xg-technology-inc#ixzz2Fdf6IfI4
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