Since you hold xxx share(s) of SOLOS ENDOSCOPY in your account, you may choose how your holdings will be treated for this Exchange Offer. We must receive your response by January 3, 2007, 7:00 p.m. ET.
You hold xxx share(s) in this account.
What Has Occurred
• What is an exchange offer?
• What happens if I don't participate?
• If I choose to exchange my shares when will I receive payment?
Important terms: Exchange offer
Solos Endoscopy, Inc. is offering to buy back its common shares from holders in exchange for shares of its convertible preferred stock. Participating holders must be record date holders as of December 20, 2006 and must tender at least 1,000 shares.
For each share exchanged in the offer, holders will receive one share of convertible preferred stock valued at $0.50 per share. The preferred shares, following a one-year holding period, can then be converted back to restricted common shares at a $1.00 for $1.00 exchange. The convertible preferred shares will be protected from any future stock restructuring by the company.
If you wish to participate in the offer, you must give your instructions to Schwab. If you have any questions regarding the terms of the offer, please contact Solos Endoscopy, Inc (Investor Relations) at 866-843-2775.
Exchange for Stock: Exchange all or a portion of your common shares for convertible preferred shares (minimum tender: 1,000 shares).
Decline/Take No Action: If you take no action, your common shares will remain in your account.
FYI - my broker called me about this on Friday. The deadline is 1/10/2007. You can exchange for preferred shares on a 1 to 1 basis and they will be restricted (I think it was an additional year or two), or you can keep your shares as is and after the reverse split you will have 1 common share for every 1000 shares of the current divy that you own. They said there is a $25 cert fee and a $25 online something or other fee (at least through Scottrade).
Anyone else heard anything different?
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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