SEC Form 4 · accession 0001437749-16-040353
INTERNATIONAL TEXTILE GROUP INC · ITXN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
James W Payne
Officer — President, Carlisle Finishing
Period of report
Oct 24, 2016
Accepted (ET)
Oct 26, 2016 · 5:08 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000918964
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Oct 24, 2016 | D | 15,264 | $0.55 | D | 0 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Disposed of pursuant to Agreement and Plan of Merger (the "Agreement"), dated as of October 24, 2016, among International Textile Group, Inc. (the "Company"), Project Ivory Acquisition LLC ("Parent"), and Project Ivory Acquisition Corporation ("Merger Sub"), pursuant to which Merger Sub merged with and into the Company, with the Company continuing as a wholly-owned subsidiary of Parent (the "Merger"). Pursuant to the Agreement, at the effective time of the Merger, each share of the Company's common stock issued and outstanding immediately prior thereto (other than shares held in treasury by the Company or owned by the Company's subsidiaries, or by Parent, Merger Sub or any of their respective affiliates, which shares were cancelled without payment of any consideration) was cancelled and converted into the right to receive $0.55 in cash, without interest. The disposition was exempt from Section 16(b) of the Securities Exchange Act of 1934 pursuant to Rule 16b-3 promulgated thereunder.