PearlStreet Ltd
(ASX:PST) says it has agreed to restructure its recapitalisation proposal from major private equity firm Catalyst Investment Managers after the ASX refused to extend the expiry date of the options that were to be sold into the plan.
The provider of asset management, inspection, testing and asset care services to the energy, resources and infrastructure sectors, says it sought relief from the ASX to extend the expiry date of its listed November 30 2009 options so that they could be sold into the sale facility to be offered by Catalyst as part of the recapitalization.
The company says no offer will now be made by Catalyst to option holders for their options and those wishing to participate in the recapitalization will need to exercise their options prior to November 30 to be eligible for the share component of the sale facility.
The share component of the sale facility to be offered by Catalyst will now be for all shareholders to sell up to 45.2 per cent of their shareholding at the same price of 50 cents a share.
As a result of this revised structure PearlStreet says Catalysts potential holding following the recapitalization remains between 46% and 63%.
PearlStreet has recorded net profits in the last three years.
