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Gold/Mining/Energy : International Properties Group (IPX-TSE)
IPX 44.18+0.4%Oct 31 9:30 AM EST
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To: mark calgary who wrote (82)9/23/1999 12:47:00 PM
From: Dennis Lefebvre  Read Replies (2) of 104
 
International Properties Group Ltd -

Azterra to be acquired by Int'l Properties

International Properties Group Ltd
IPX
Shares issued 33,352,562
1999-09-22 close $0.85
Wednesday Sep 22 1999
See Azterra Corp, The (TAC) News Release
Mr. Patrick Fitzsimonds reports
Azterra's board of directors has approved an agreement with International
Properties Group (IPG) whereby IPG has agreed to offer to acquire all of the
outstanding common shares of Azterra on the basis of one common share of IPG
for every 25 common shares of Azterra, subject to certain conditions. The offer has
received the unanimous approval of the board of directors of Azterra that, subject to
completion of satisfactory due diligence, will recommend that shareholders of
Azterra accept the offer.
The offer will be subject to customary conditions including the receipt of all required
regulatory and stock exchange approvals and is also subject to completion of
satisfactory due diligence by the parties and delivery of lockup agreements by all of
the directors and officers of Azterra on or before Oct. 1, 1999. If the offer is
successful, IPG intends to take such steps as may be advisable in order to acquire
100 per cent of the outstanding Azterra common shares. It is anticipated that the
offer will be mailed to Azterra shareholders during the first week of October, and
will be completed 21 days thereafter.
The core business activities of Azterra and IPG are similar in both strategic
direction and vision. Both companies own rental properties for long-term investment
appreciation and stabilized income, and provide multifamily housing for specific
segments of the owner-occupied market.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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