ALEXANDRIA, Va.-Metrocall Inc. announced that the indexed variable common rights associated with its merger with A+ Network Inc. have expired without value.
After the merger was completed more than a year ago, A+ Network shareholders received one VCR for each Metrocall share, or 1.18 share for each A+ Network share held. Each VCR represented up to $5 in Metrocall stock or cash, at Metrocall’s option, if the average trading price of Metrocall shares in the period ended Nov. 15 was less than the target price.
The target price was indexed down because of the changes in the average trading prices of other paging companies. Therefore, the target price fell below the $16.10 floor price, which was not indexed, and the VCR payment figure was zero.
