Business

Sears Canada stock offering fully subscribed

Posted November 11, 2014 12:01 am

PRNewswire

HOFFMAN ESTATES - Sears Holdings Corp. said its sale of 40 million common shares of Sears Canada, which closed on Nov. 7, has been oversubscribed.

Sears Holdings will receive aggregate gross proceeds of $380 million. Sears Holdings has received approximately $270 million in gross proceeds to date and expects to receive the remaining $110 million by Nov. 13.

Sears Holdings will distribute a total of 40 million shares of Sears Canada to the holders of subscription rights who validly exercised their basic subscription rights and paid the subscription price in full.

Sears Holdings expects Computershare to finish tabulating the results of the rights offering on Nov. 13, including proration in respect of the oversubscription privilege. The common shares of Sears Canada are being distributed by way of direct registration in book-entry form. No physical share certificates will be issued.

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