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Goldwyn buys back paper

In an attempt to reduce the dilution of Samuel Goldwyn Co. stock, the company is buying back up to 2 million of its Class A warrants.

The purchase, which could cost as much as $ 375,000, will redeem around 52% of the outstanding warrants.

Goldwyn issued them to shareholders and creditors of Heritage Entertainment Inc. when that company was acquired out of bankruptcy in December 1991.

Each class A warrant entitles the holder, through Dec. 5, to buy one-fifth of a Samuel Goldwyn common share for $ 2.20; five class A warrants represent the right to buy a common share for $ 11.

Mandatory redemption

The class A warrants are subject to mandatory redemption by the company on Dec. 6 at 30 cents each.

Goldwyn shares closed down 12.5 cents to $ 2.375.

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