Spectrum Group International Announces Extension of Election Deadline for Proposed Cash Election Merger

Rhea-AI Summary

Spectrum Group International (SPGZ) announced an extension for the election deadline regarding its proposed cash election merger. Shareholders now have until June 24, 2024, to decide whether to receive $22,000 per share in cash or shares in a new holding company. The extension aims to give shareholders more time to make informed decisions. All other merger terms remain unchanged. The Consent and Election Statement contains essential details, with Equiniti Trust Company managing tabulation and exchange, and D.F. King & Co. providing information services.

Positive

• Extension of election deadline provides shareholders more time to make informed decisions.
• Shareholders have the option to receive a substantial cash consideration of $22,000 per share.
• Availability of alternative option to receive shares in a new holding company may appeal to long-term investors.
• Equiniti Trust Company and D.F. King & Co. involvement ensures professional handling of the process.

Negative

• No new financial or clinical data provided, limiting analysis on the impact of the merger.
• Potential uncertainty or indecisiveness among shareholders regarding the best option.
• The announcement did not address any specifics on how the merger might affect future business operations.

COSTA MESA, Calif., June 14, 2024 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (SPGZ) (“SGI” or the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, announced that it is extending the election deadline with respect to its proposal to effect a cash election merger, in which certain eligible shareholders could elect to receive either cash consideration of $22,000 per share of the Company’s common stock or shares in a new holding company.  

The deadline for eligible shareholders to make an election whether to receive cash or share consideration is being extended from June 14, 2024 to June 24, 2024.

All other terms of the proposed cash election merger remain the same. Shareholders should refer to the Consent and Election Statement that has been distributed in connection with the cash election merger for information concerning the election process and other pertinent information concerning the proposed merger.

Equiniti Trust Company, LLC is serving as Tabulation Agent and Exchange Agent, and D.F. King & Co., Inc. is serving as Information Agent, for the merger.

About SGI

SGI operates through its subsidiaries as an integrated network of leading companies concentrating on numismatics (coins) and paper currency. The Company is also a merchant/dealer of certain collectibles. The sale of our products is conducted through auctions – both traditional live auctions as well as Internet only auctions – or through merchant/dealer transactions. The Company has offices and auction houses in North America, Europe and Asia. The Company's principal subsidiary is Stack's-Bowers Numismatics, LLC. In addition, through the Company’s 38% interest in Spectrum Wine Auctions, LLC, the Company is also engaged in the sale of rare and fine vintage wines.

Contact:
Spectrum Group International, Inc.
Greg Roberts
groberts@spectrumgi.com
949-748-4800

FAQ

What is the new deadline for the Spectrum Group International (SPGZ) cash election merger?

The new deadline is June 24, 2024.

What options do shareholders have in the SPGZ cash election merger?

Shareholders can choose between receiving $22,000 per share in cash or shares in a new holding company.

Who manages the election process for SPGZ’s proposed merger?

Equiniti Trust Company is the Tabulation and Exchange Agent, and D.F. King & Co. is the Information Agent.

What has changed in the SPGZ merger announcement?

The election deadline has been extended from June 14, 2024, to June 24, 2024.

Where can shareholders find more information about the SPGZ merger?

Shareholders should refer to the Consent and Election Statement distributed for the merger.