Hey Krystle Chow - Ottawa Business Journal. Want an exclusive story ?
The EDC funding of the Allen-Vanguard deal, see the 240 page redacted (To redact is to edit, or prepare for publishing)Schedule A on SEDAR ( sorry - it is blank, they must have forgot to submit it, or "prepared" it for publishing)
EDC's former CFO and Executive VP is none other than Allen-Vanguard's CFO, Peter Allen, newswire.ca.
Not too sure how the good folks at EDC missed that little detail when they did their due diligence, but oh well - it's not like it is THEIR money. Too bad EDC's mandate for financing foreign companies wasn't a bit broader - edc.ca, because they can't finance foreign companies UNLESS they are intending to buy repeatedly from Canadian companies. Allen-Vanguard is only selling out once, so it shouldn't qualify - unless you know somebody on the inside of EDC - that is different.
All Versa Capital has to do is "Hold" these assets, fully financed by EDC's Canadian taxpayers, until the heat dies down, then the IPO's will fly - 100's of millions of dollars (US) to the hardworking Allen-Vanguard executives...The only thing they overlooked - paying off the initial shareholders.
So let me put this in summary perspective: the guy that wrote down the Allen-Vanguard assets to be lower than the debts, essentially making the shares worthless, is the same guy that arranged the financing to the US buyer of the devalued assets, at the Crown corporation wholly owned by the Government of Canada where he used to be Executive VP ad CFO, he being Peter Allen.
Gee, I wonder if anyone really digs on this if this deal will someday unravel ? |
