- Entourage Health Corp. (ENTG) has announced voting support agreements with company shareholders
- The shareholders own 8.5 per cent of the company’s unsecured convertible debentures
- Entourage is looking for approval of proposed amendments to a trust indenture from 2019
- The vote for approval will happen during a shareholder meeting on June 20
- Entourage Health Corp. (ENTG) is unchanged trading at $0.07 per share and debentures trading at $36.00 per unit as of 12:13 p.m. ET
Entourage Health (ENTG) shareholders are being asked to vote in favour of proposed amendments to the trust indenture between TSX Trust and Entourage Health.
If approved, the indenture would be revised with an acceleration of the debenture’s maturity date to June 30, and the cash amount owed on the new maturity date to be 60 per cent of the principal amount, along with any accrued and unpaid interest.
According to Entourage Health, the proposed amendments are aligned with its strategy to take initiatives to help its capital structure and add long-term value.
The vote for approval will happen during a shareholder meeting on June 20 and requires at least 66 per cent of the principal amount of the debentures.
As of yesterday, the company holds approximately $12.76 million in debentures issued and outstanding. The supporting shareholders own $6.33 million debentures, representing approximately 49.60 per cent of the issued and outstanding debentures.
Entourage Health Corp. formerly traded under the name WeedMD RX Inc. and works on producing and distributing cannabis products for medical and adult-use markets.
Entourage Health Corp. (ENTG) is unchanged trading at $0.07 per share and debentures trading at $36.00 per share as of 12:13 p.m. ET.