With Mobilicity’s hopes that it would be acquired by TELUS having been dashed by the Canadian government earlier this month, the beleaguered carrier is now hoping to switch gears with the proverbial Plan B, a recapitalization plan that will see the carrier reorganized in a bid to allow it to continue operating.
Part of the plan will likely involve the sale of some private shares to free up “additional liquidity to enable it to continue as a going concern.”
Mobilicity announced yesterday that the debtholders vote was being pushed back from June 25th to July 3rd. Moving the vote “will allow stakeholders the opportunity to review Industry Canada guidelines, regarding the transfer of wireless spectrum, prior to the vote. The guidelines are anticipated to be provided by the end of June.”
Will Mobilicity still be around in a year’s time? Let us know below what you think.
Mobilicity announces vote on recapitalization plan to take place on July 3, 2013
Toronto, ON – June 21, 2013 – Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) announced today that its previously announced recapitalization plan will be voted on by debtholders on July 3, 2013. The vote had been scheduled for June 25, 2013. Moving the debtholders vote to July 3, 2013 will allow stakeholders the opportunity to review Industry Canada guidelines, regarding the transfer of wireless spectrum, prior to the vote. The guidelines are anticipated to be provided by the end of June.
Mobilicity will continue to provide updates as warranted. For more information, please visit www.mobilicity.ca/investorrelations.
About Mobilicity (DAVE Wireless): Mobilicity, Canada’s smart mobile carrier, was created to bring down the cost of wireless with unlimited talk, text and data plans, affordable North American coverage, plus popular handsets and smartphones –without locking customers into contracts or charging extra or hidden fees. Everything Mobilicity does adds up to a better wireless experience, not an expensive one. NOW THAT’S SMART. Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), the company is led by Obelysk, a diversified Canadian holding company, and Quadrangle Capital Partners, a global investor in the telecommunications and media sectors. Mobilicity was named one of Canada’s Top 25 Up and Coming Information & Communication Technology start-ups in 2010 by the Branham Group Inc. Further information about Mobilicity can be found at www.mobilicity.ca.[/toggle_item]