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RAPAPORT... Birks & Mayors Inc. closed the subscription period for its rights offering of up to an aggregate of 4,428,697 shares of Class A voting shares, at the subscription price of $1.129 per share, on August 13. Preliminary results indicated approximately 3.4 million shares of Class A voting shares were exercised for proceeds of approximately $3.9 million. Montrovest BV, the retailer's majority shareholder, purchased $3.5 million of Class A voting shares in the offering. Birks & Mayors created a rights offering with the intent of using the proceeds to repay interest-bearing debt under an amended and restated cash advance agreement between the company and Montrovest.
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