Montreal: Astral Communications management, including president and ceo Ian Greenberg, chairman Andre Bureau, vp development Jacques Parisien and vp finance Claude Gagnon are currently visiting four Canadian cities to discuss the sale of subscription receipts with institutional investors.

The road show addresses a preliminary prospectus filed in all Canadian provinces for the sale of subscription receipts. The uniquely Canadian financing tool (each ‘receipt’) is convertible to one Class a non-voting share from treasury. The conversion of the receipts into shares is entirely contingent on Astral’s successful acquisition of the outstanding shares of Radiomutuel. Astral has bid $224 million for the Montreal-based broadcasting and media operation.

The underwriting syndicate is led by Newcrest Capital and includes Griffiths McBurney & Partners, Levesque Beaubien Geoffrion, RBC Dominion Securities, TD Securities, CIBC World Markets, Trilon Securities and Yorkton Securities.

The issue, subject to regulatory approval, is expected to close mid-July.

Astral was expected to set a share price for the new offering at Playback press time, June 23.