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Forum - Wall Street Pit (Fred's - FRED)    Stock Due Diligence for All

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From: jonnyb (Rep: 94) reply to jonnybDate: 10/11/2018 12:41
Forum: Wall Street Pit - Msg #2756625 - List FRED msgs Thread #674040863 (Rec: 1)
+16%Re: Freds, Inc. Announces Extension of Cooperation Agreement with Alden Global Ca...

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Reply to jonnyb - Msg #2756604 - 10/11/2018 11:22

Fred’s, Inc. Announces Extension of Cooperation Agreement with Alden Global Capital LLC

Extension Accompanied by Consent for Alden to Purchase Additional Shares

Fred's, Inc.October 10, 2018 20:48 ET
Extension Accompanied by Consent for Alden to Purchase Additional Shares

MEMPHIS, Tenn., Oct. 10, 2018 (GLOBE NEWSWIRE) -- Fred’s, Inc.(“Fred’s” or the “Company”) (NASDAQ:FRED) today announced that the Company has reached an agreement to extend the cooperation agreement Fred’s had previously entered into with Alden Global Capital LLC (“Alden”) through September 1, 2019. The cooperation agreement contains certain customary standstill and other provisions and prior to the amendment, would have allowed either party to terminate the agreement after March 1, 2019. The amendment extends that date by six months. The complete agreement between Fred’s and Alden previously was included as an exhibit to a Current Report on Form 8-K, which was filed with the Securities and Exchange Commission and the amendment announced today also will be filed as an exhibit to a Current Report on Form 8-K.

The amendment also reflects the Company’s consent to Alden increasing its investment in the Company through additional open-market purchases of no more than 3,725,000 shares. The amendment was approved by a special committee of Fred’s independent directors.

Joe Anto, Interim CEO and CFO of Fred’s, stated, “We are pleased that Alden has reiterated its confidence in Fred’s by seeking to increase its ownership in the Company.”
https://globenewswire.com/news-release/2018/10/11/1619672/0/en/Fred-s-Inc-Announces-Extension-of-Cooperation-Agreement-with-Alden-Global-Capital-LLC.html

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