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This is the latest news release about the Teleglobe sale of its stock in CGI>
ECanadian Company Press ReleaseE
GIB.AEE1997-12-18 EE(provided courtesy of ISDN Wire Service)
TELEGLOBE INC. ANNOUNCES A SECONDARY OFFERING OF ITS CGI GROUP INC.
SHARES
MONTREAL, ONTARIO--
Teleglobe announces that it has reached an agreement with an underwritting
syndicate to sell 10,530,400 Class A Subordinate Voting Shares (the
<>) of CGI Group Inc. (<< CGI>>) at a price of $24.00 per share on a
bought deal basis. Through this offering, Teleglobe is selling its entire
interest in CGI. The Shares will be qualified in the POP system in the
Provinces of Quebec and Ontario and through the sale of special warrants in
the rest of Canada. Teleglobe and CGI have agreed to file a prospectus to
qualify the Shares sold outside the Provinces of Quebec and Ontario within 90
days after the closing of this transaction. The underwriting syndicate will
be led by Scotia Capital Markets, Levesque Beaubien Geoffrion Inc. and
Nesbitt Burns Inc. The issue is subject to the approval of regulatory
authorities.
This transaction fits in CGI's strategic planning to increase market
liquidity of its shares.
CGI is the largest Canadian-owned independent information technology
consulting firm with 4,000 professionals and a revenue run-rate of $500
million. The company's current order backlog is valued at $1.45 billion. CGI
provides end-to-end IT services and business solutions to some 2,000 clients
throughout Canada, the U.S. and elsewhere in the world. CGI's shares are
listed on the Toronto and Montreal stock exchanges under the GIB.A symbol.
Webisite address: www.egi.ca.
Teleglobe Inc. is a leader in the intercontinental telecommunications
industry. Its main subsidiaries and divisions are Teleglobe Canada Inc. -
Canada's overseas carrier -, Teleglobe International Corporation, Teleglobe
World Mobility and Teleglobe Enterprises.
Teleglobe Inc., is listed on the Montreal, Toronto, Vancouver and New York
stock exchanges under the symbol TGO for common shares on the Montreal and
Toronto exchanges under the symbol TGO.PR.B. for third-series preferred
shares.
For further information, please contact:
Claude Seguin,
Chief Financial Officer, Teleglobe Inc.
(514) 868-7974
Paul Dore
EVP, Corporate Affairs
(514) 841-3200
This press release is not for distribution to the United States newswire
services or dissemination in the Unites States.
Ashoka
E
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