Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (NYSE MKT:BMJ), announced that the registration statement for its previously announced rights offering was declared effective by the Securities and Exchange Commission on July 19, 2012. The offering will be open to all holders of Class A voting shares and Class B multiple voting shares of record on July 19, 2012 (the “Record Date”).
Under the terms of the rights offering described in the prospectus contained in the registration statement, the Company will distribute to each holder of record of Class A voting shares and Class B multiple voting shares as of close of business on the Record Date, at no charge, one non-transferable subscription right for every Class A voting share and Class B multiple voting share owned. For every 2.57 subscription rights, the holder will be entitled to purchase one Class A voting share at the subscription price of $1.129 per share.
Subscribers who fully exercise their rights will be permitted to subscribe for additional shares, if available, that were not subscribed for by other rights holders. The aggregate amount of stock available in the rights offering is 4,428,697 shares. As soon as possible after the Record Date, the Company plans to mail to holders of its Class A voting shares and Class B multiple voting shares (as of the close of business on the Record Date) a prospectus and other items necessary for exercising the rights. Shareholders who hold their shares in a bank or broker name will receive the rights offering material from their bank or broker. The prospectus will contain a description of the rights offering and other information. The subscription rights will expire at 5:00 p.m. Eastern Standard time on August 13, 2012, unless the Company elects to terminate the offering prior to the scheduled expiration date or unless the Company’s board of directors elects to extend the offering.
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