I think someone at CSW is a "little" mixed up
From: newsout@stockwatch.com
Date sent: Wed, 15 Mar 2000 12:02:16 -0800
Subject: Stockwatch: iTech Capital Corp - News Release
To: first.step@home.com
iTech makes equity investment in Applied Data
iTech Capital Corp
ITE
Shares issued 30,374,357 Aug 31/1998 close
$0.03
Wed 15 Mar 2000 News
Release
PrimeWest Energy Trust and Venator Petroleum Company have entered into
an
agreement whereby PrimeWest will offer to purchase all of the issued
and
outstanding common shares of Venator, through an exchange of 0.657 of
a
PrimeWest trust unit or 0.657 of a share exchangeable into PrimeWest
trust
units for each Venator common share. The offer represents a
23-per-cent
premium to Venator shareholders at an offer price of $4.50 per share.
The
transaction, has a total enterprise value of approximately
$32-million,
consisting of $30-million in equity and $2-million in assumed debt
and
working capital.
The boards of directors of each of PrimeWest and Venator have approved
the
proposed transaction and the board of directors of Venator has
resolved
unanimously to recommend that its shareholders accept the PrimeWest
offer.
The offer is conditional on the tendering of a minimum two-thirds of
the
outstanding Venator common shares. The making of the offer is
conditional
upon certain officers and other shareholders of Venator executing
lock-up
agreements in respect of 50.1-per-cent of outstanding Venator
shares,
pursuant to which such shareholders agree to irrevocably deposit and
not
withdraw their shares under the offer. Also, the board of directors
of
Venator has agreed that it will not solicit or initiate discussions
or
negotiations with any third party concerning any sale of any
material
position or assets of Venator, or any business combination
involving
Venator, except in discharge of their fiduciary duties.
Griffiths McBurney & Partners acted as financial adviser to Venator
and
will provide a fairness option in connection with the proposed
transaction.
Venator has agreed, under certain circumstances, to pay to PrimeWest
a
non-completion fee of $1.5-million plus expenses. PrimeWest
anticipates
forwarding a takeover bid circular to Venator shareholders on or
before
March 31, 2000.
(c) Copyright 2000 Canjex Publishing Ltd.
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