P.M. Briefing : British Firm to Dilute A&P; Share
From Times Wire Services
MONTVALE, N.J. —
Great Atlantic & Pacific Tea Co. said today its stake in Isosceles PLC will be diluted as a result of the British company’s decision to proceed with an equity financing.
A&P; currently holds a 19.9% interest in Isosceles, which will raise about $422 million via the financing as part of a capital restructuring recently approved by the Isosceles board.
A&P; said it does not plan to purchase any shares in the offering of new equity and converted debt but intends to vote in favor of shareholder resolutions needed to authorize the transaction.
Pending completion of the offering, A&P;’s equity position will be reduced to 6.6% of Isosceles. A&P; will retain its director’s seat on the Isosceles board.
