On July 4, Michael Wekerle acquired direct proprietorship and control over Difference Capital Financial Inc.'s Convertible Unsecured Subordinated Debentures. The prospectus offering of DFC was worth US$50 million principal amount of 8% Debentures. Wekerle had a cumulative amount of US$10.75 million which allowed him to obtain ownership.
Wekerle's acquisition would give him 8,525,321 common stocks that were directly and indirectly owned. The shares were on a fully diluted basis that would represent more or less 27.9% of DFC's total remaining shares. DFC's shares were on a partially diluted basis that assumed the conversion of Wekerle's securities.
Wekerle purchased Debentures because he wanted to invest more. He was expected to capitalize in other enterprises.
The purchase of supplementary securities from DFC through open market acquisitions or privately discussed transactions was also on his plans. He would also take into account the possibility of selling all or a portion of his own holdings. Open market acquisitions and confidentially settled dealings to other investors were also part of his idea.
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