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Stone Investment Group Announces Amendments to Trust Indenture
Stone Investment Group Limited (the "Company") announced today that the holders of the Company's 9.0% senior secured debentures due December 28, 2011 (the "Debentures") have approved the waiver of interest coverage ratio defaults under the Trust Indenture governing the Debentures. The holders also approved amendments to the Trust Indenture to adjust the basis of calculation of the interest coverage ratio to avoid continuing defaults. The defaults stem from the current global economic crisis and the consequent drop in markets and assets levels. The Trust Indenture is unamended in all other respects and the Company continues to make all interest payments when due.
The waivers and amendments were approved at an extraordinary meeting of the holders of Debentures held today in Toronto.
About Stone Investment Group Limited
Stone Investment Group Limited is an independent wealth management company. Stone Investment Group Limited, through its wholly-owned subsidiaries, Stone & Co. Limited and Stone Asset Management Limited, structures and manages high quality investment products for Canadian investors.
Forward Looking Information
This news release includes certain forward-looking information concerning Stone Investment Group Limited. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking information is based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including fluctuating markets, competitive risks, the availability of financing and risks associated with the Canadian financial services industry generally, all as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking information and the reader is cautioned against placing undue reliance thereon. The Company assumes no obligation to revise or update the forward-looking information, except as required by applicable securities law.
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