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Gander Mountain Chairman reaffirms their long-term support
06 May '08
2 min read
Gander Mountain Company announced that pursuant to pre-existing contractual commitments it has filed an amended Registration Statement on Form S-3 registering 9,769,052 shares of its common stock.
The registered shares were originally sold in two private placement transactions pursuant to purchase agreements that contained customary registration rights for the benefit of the purchasers.
The first private placement transaction occurred in December 2006, involving the sale of 5,701,255 shares of common stock to a trust affiliated with David Pratt, chairman of the board of Gander Mountain Company.
The second private placement transaction occurred in December 2007, involving the sale of 4,067,797 shares of common stock, of which 3,065,000 shares were sold to an entity controlled by Pratt, and 1,002,767 shares were sold to Holiday Stationstores Inc, an affiliate of Ronald Erickson, vice chairman of the board, and Gerald Erickson, a director of Gander Mountain Company.
The net proceeds from the second transaction were used to partially fund the acquisition of Overton's Inc.
"This is a routine filing intended merely to fulfill the company's registration rights obligations, and I remain committed to building Gander Mountain's business," said Pratt.
Ronald Erickson commented, "This filing completes customary registration rights, nothing more. Holiday has believed in the Gander Mountain business since its purchase in 1997 and weremain long- term supporters of the company."
The registered shares were originally sold in two private placement transactions pursuant to purchase agreements that contained customary registration rights for the benefit of the purchasers.
The first private placement transaction occurred in December 2006, involving the sale of 5,701,255 shares of common stock to a trust affiliated with David Pratt, chairman of the board of Gander Mountain Company.
The second private placement transaction occurred in December 2007, involving the sale of 4,067,797 shares of common stock, of which 3,065,000 shares were sold to an entity controlled by Pratt, and 1,002,767 shares were sold to Holiday Stationstores Inc, an affiliate of Ronald Erickson, vice chairman of the board, and Gerald Erickson, a director of Gander Mountain Company.
The net proceeds from the second transaction were used to partially fund the acquisition of Overton's Inc.
"This is a routine filing intended merely to fulfill the company's registration rights obligations, and I remain committed to building Gander Mountain's business," said Pratt.
Ronald Erickson commented, "This filing completes customary registration rights, nothing more. Holiday has believed in the Gander Mountain business since its purchase in 1997 and weremain long- term supporters of the company."
Gander Mountain Company
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