Ruth’s Hospitality Group (RUTH) Updates on Results from Special Shareholders Meeting Feb 10, 2010 09:31AM

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) announced today that at the Special Meeting of Stockholders of the Company held on February 9, 2010, stockholders voted in favor of each of the four proposals on the meeting agenda. Stockholders representing approximately 98% of the shares present and voting approved, among other matters, the proposed sale of $25,000,000 of the Company’s newly-created Series A 10% Convertible Preferred Stock to affiliates of Bruckmann, Rosser, Sherrill & Co. Management, L.P. in a private placement transaction.

The Company also announced today that it successfully completed its previously announced rights offering of up to 14,009,612 shares of common stock at a subscription price of $2.50 per share. The rights offering expired at 5:00 p.m., New York City time, on February 9, 2010, and was oversubscribed.

Michael P. O’Donnell, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “We are very pleased that shareholders approved our proposed private placement with BRS and that our rights offering was very positively received. These transactions are part of a broader effort to strengthen our balance sheet and provide management with additional financial flexibility. We believe our partnership with BRS, an experienced and successful restaurant industry investor, and the addition of Hal Rosser, a founding member and managing director of BRS, to our board of directors will further our board’s knowledge and experience.”

In the rights offering, holders of subscription rights exercised their basic subscription rights to purchase an aggregate of approximately 10,240,000 shares of the Company’s common stock, at an aggregate purchase price of approximately $25,600,000, which the Company will honor in full. Holders of subscription rights also requested the opportunity to exercise their oversubscription rights to purchase an aggregate of approximately 8,150,000 additional shares of the Company’s common stock, for an additional purchase price of approximately $20,375,000 in the aggregate. However, because the Company will, through the exercise of the basic subscription rights, generate in excess of $25,000,000 in gross proceeds in the rights offering (the amount it is required to generate as a condition to the closing of the private placement), it does not intend to honor or accept any oversubscription requests. Subscription payments received by the subscription agent on account of oversubscription requests will be returned, without interest or penalty, as soon as practicable.

The Company plans to close the private placement on or about February 11, 2010. As previously announced, the net proceeds from the private placement and the rights offering will be used to reduce the Company’s outstanding indebtedness under its existing credit facility. Upon the application of those net proceeds, the credit agreement amendment that the Company entered into with the lenders under its existing credit facility will become effective. The credit agreement amendment will, upon effectiveness, extend the maturity of the facility and will provide the Company with a less restrictive set of covenants, which the Company believes will enhance its financial and operating flexibility.

The closing of the private placement and the effectiveness of the credit agreement amendment are subject to customary conditions, all of which are expected to be satisfied on or about February 11, 2010.


Hoku Scientific (HOKU) Files 20.01M Common Shelf for a Selling Shareholder Feb 9, 2010 05:30PM

Hoku Scientific, Inc. (NASDAQ: HOKU) filed a registration with the U.S. Securities and Exchange Commission today to sell, from time to time, up to 20,013,786 shares of the Company's Common Stock on behalf of a Selling Shareholder.


China Agritech (CAGC) Files $100M Mixed Securities Shelf Feb 9, 2010 03:13PM

China Agritech Inc. (Nasdaq: CAGC) files $100 million mixed shelf registration on form S-3 with the SEC. The company may sell common stock, preferred stock, debt securities, warrants and units.


ChinaTel Group (CHTL) Jumps Higher On 'Above-Market' Equity Financing Feb 9, 2010 10:26AM

Shares of ChinaTel Group, Inc. (OTCBB: CHTL) are rocketing higher today after the company said it closed $640 million in equity investments at $3 per share, versus a close yesterday of $1.20.

Shares of CHTL.OB are up 38% today to $1.65.

The combined investment represents 48% of the total outstanding shares, valuing ChinaTel in excess of $1.33 billion.

The investors have each made initial payments called for under their respective contracts. By March 1, 2010, ChinaTel will have received $241 million, and the balance of $399 million by June 1, 2010. Proceeds from the contracts will primarily be used to expand and deploy wireless broadband networks worldwide in addition to repaying existing financing notes.

The investment partners are Excel Era Limited (Excel), a Hong Kong-based investment group, and Isaac Organization, Inc. (Isaac), a Canadian-based investor. Excel is investing $480 million and acquiring approximately 159.6 million new shares of ChinaTel's series A common stock to be issued, which represents 36% of total shares issued and outstanding as of the closing date. Isaac is investing $160 million and acquiring approximately 53.2 million newly issued shares, which represents 12% of the total outstanding shares. The price per share for both transactions is $3.0075.


Developers Diversified Realty (DDR) Prices 37.3M Common Offering at $8.16/Share Feb 9, 2010 09:21AM

Developers Diversified Realty Corporation (NYSE: DDR) today announced it has priced an offering of 37,295,000 of its common shares at a price of $8.16 per share. The offering is expected to close on February 12, 2010.

The Company intends to use the net proceeds from the offering to repay debt with short-term maturities and reduce balances on the Company's revolving credit facilities.

Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co. and Wells Fargo Securities are the joint book-running managers for this offering. In addition, Citi, Deutsche Bank Securities, KeyBanc Capital Markets, Scotia Capital and UBS Investment Bank are senior co-managers, and PNC Capital Markets LLC, RBC Capital Markets, RBS, SunTrust Robinson Humphrey and The Williams Capital Group, L.P. are co-managers, for this offering. The underwriters have been granted a 30-day option to purchase up to an additional 5,594,250 common shares to cover over-allotments, if any.


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