General Finance Corporation Rights Offering Commences
General Finance Corporation (“General Finance”) (NASDAQ:GFN) (NASDAQ:GFNCW) (NASDAQ:GFNCU) announced today that the registration statement for its rights offering was declared effective by the Securities and Exchange Commission on May 7, 2010.
On May 14, 2010, the record date for the rights offering, General Finance will distribute, at no charge to holders of its common stock, rights to purchase units with an aggregate subscription price of $13,380,000. Each unit will consist of one share of General Finance common stock and a three-year Warrant to purchase 0.5 additional shares of General Finance common stock at an exercise price of $4.00 per share. Please review the prospectus contained within the registration statement for the rights offering for a complete description of all the terms of the rights offering.
In the rights offering, rights holders who fully exercise their rights will be entitled to subscribe, subject to certain limitations and subject to allotment, for additional units that remain unsubscribed as a result of any unexercised rights. General Finance retains the right to limit the exercise of over-subscription privileges if such exercise would cause a change of control, as defined in the agreements governing the indebtedness of its operating subsidiaries Pac-Van, Inc. (“Pac-Van”) or Royal Wolf Trading Australia Pty Limited and subsidiaries (“Royal Wolf”).
General Finance intends to use the proceeds of the rights offering to reduce indebtedness and for general corporate and working capital purposes.General Finance anticipates the following important dates for the rights offering, which dates are subject to change because the rights offering may be extended:
|-- Record Date||May 14, 2010|
|-- Subscription Period Begins||May 14, 2010|
|-- Expiration Date||June 15, 2010|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV