Ingalls & Snyder Value Partners L.P.

March 30, 2009 18:59 ET

Ingalls & Snyder Value Partners L.P. Announces it Has Control Over Additional Ivernia Convertible Notes

NEW YORK, NEW YORK--(Marketwire - March 30, 2009) - Ingalls & Snyder Value Partners L.P. ("ISVP") announces it has acquired control over an additional US$1.5 million principal amount of convertible notes (the "Notes") issued by Ivernia Inc. (the "Company"). The Notes mature on April 27, 2013 and the principal amount thereof is convertible into common shares of the Company (the "Common Shares") at a conversion price of US$0.11 per share. The Notes are convertible into 13,636,363 shares of the Company. The Notes were acquired in satisfaction of accrued and unpaid interest. The Notes bear interest at 8% per annum, payable annually. Fifty percent of the accrued interest in respect of the Notes can be, at the option of the Company, payable in kind in the form of Notes. The Notes are secured by a first charge on the Company's assets.

The maturity date of the US$10 million Notes held by Ingalls & Snyder Value Partners L.P. prior to the purchase of Notes today has been extended to from April 27, 2009 to April 27, 2013 and certain other terms have been amended as detailed in the press release of the Company issued March 20, 2009. These Notes are convertible into 90,909,090 shares of the Company.

As of the date hereof, Ingalls & Snyder Value Partners L.P. beneficially owns (excluding Common Shares issuable on any future conversion of the Notes) or has control or direction over 4,629,629 Common Shares (representing approximately 2.5% of the issued and outstanding Common Shares). Together with the shares owned under the assumed full conversion of the Notes listed above ISVP would own 24.3% of the fully diluted issued and issuable shares of the Company.

Ingalls & Snyder LLC, ("Ingalls") a Registered Investment Advisory in the United States, shares dispositive control over the securities held by ISVP. Other advisory clients of Ingalls hold 6,777,400 shares of the Company. Ingalls shares dispositive authority over these shares with the beneficial owners.

ISVP acquired the additional Notes for investment purposes only and not with a view to materially affecting control of the Company. ISVP acquired the Notes in a private placement from the Company. ISVP has no present intention of acquiring beneficial ownership or control over additional Common Shares.

Contact Information

  • Ingalls & Snyder Value Partners L.P.
    Thomas O Boucher JR.
    (212) 269-7897