VLSI Technology Inc, San Jose chipmaker is to redeem all its outstanding 7% convertible subordinated debentures due 2012 via an underwritten call on August 7. Total redemption price will be $1,032.86 per debenture, which includes $18.86 of accrued interest from May 1; debentures can still convert to VLSI common stock at 45.45 shares per debenture until August 4 – a better deal, because that works out at $22.725 per share, and they are currently trading at $29.875, so holders that want the cash can convert and sell their shares in the market, and still come out well ahead. The Underwriters are Bear, Stearns & Co and Hambrecht & Quist LLC.
MultiMedia Corp Plc reports that its placing by Shore Capital Stockbrokers Ltd to raise รบ3m closed early, on July 3, after it was well over-subscribed; it had been due to close on Wednesday. The developer of multimedia titles and software wants to list its shares on the London Alternative Investment Market; trading is to begin on July 13.
