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BRIEF-MFC Bancorp Ltd reports reports results for 2016 and announces proposed plan of arrangement
2017年3月31日 / 中午11点43分 / 8 个月前

BRIEF-MFC Bancorp Ltd reports reports results for 2016 and announces proposed plan of arrangement

March 31 (Reuters) - Mfc Bancorp Ltd:

* MFC Bancorp Ltd reports results for 2016 and announces proposed plan of arrangement

* MFC Bancorp Ltd - reduced co’s head count and overhead, with number of employees worldwide down from 650 to under 450 at end of 2016

* MFC Bancorp Ltd - in 2016, we reduced inventories by $213.4 million, from $245.3 million as at December 31, 2015 to $32.0 million as at December 31, 2016

* MFC Bancorp - during 2016, reduced, eliminated certain customer-specific credit facilities for customers with whom we no longer commercially transact

* MFC Bancorp-plans to complete a plan of arrangement that is designed to “improve its corporate structure, reduce expenses and increase its global exposure”

* MFC Bancorp Ltd - continue to evaluate benefits of certain facilities that may not have strategic long-term relevance to business

* MFC Bancorp Ltd - “going forward we will expand our merchant banking activities”

* MFC Bancorp Ltd - plan is expected to be completed in 2017

* As part of plan , mfc common shares will be consolidated on a 100 for 1 basis

* MFC Bancorp-don’t anticipate evaluation of benefits of facilities that may not have strategic long-term relevance to have material impact on overall liquidity

* As part of plan, MFC‘S common shares will be exchanged on a one-for-one basis for common shares of a new parent company

* As part of plan, MFC will become a wholly-owned subsidiary of new parent co Source text for Eikon: Further company coverage:

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