24 Mar 2010capital raising announcement▲ GoodMajor
On March 23, 2010 Chaparral agreed to sell CCMP 475,042 class E common shares and one class F share for $325.0 million, after the failed United deal. Closing depends on a new credit facility, a new stockholders agreement, a restated charter, employment agreements for senior management and a new equity incentive plan. Fischer and Altoma also each agreed to sell CCMP $10.0 million of stock, and CCMP is expected to own about 37% of the common stock afterward. The new charter creates classes A through G, lets classes B, C and D name three of five directors and class E the other two, requires class B consent to a company sale before the sixth anniversary, and gives class E consent rights over certain debt and asset actions. Existing holders are diluted by the new issuance (inference from the share sale).