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IFE gains 75% of TVS gains

VIRGINIA BEACH, Va.–International Family Entertainment Inc. said it now holds more than 75% of the preference shares of TVS Entertainment PLC.

As previously reported, IFE extended to Jan. 21 its offer for TVS preference shares, with the right to terminate the offer if it doesn’t receive acceptance by at least 90% or more of each class of shares. The final preference offer is open until 10 a.m. EST Jan. 27, the company said.

Separately, IFE said it received approval on two proposals related to the proposed acquisition of TVS preference shares.

The first proposal is related to the issuance of shares of Class B common stock, while the second is related to an amendment to IFE’s certificate of incorporation that permits, among other things, the repurchase of Class B common stock while shares of its 10% convertible cumulative preferred stock are outstanding.

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