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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: rdww who wrote (151)3/10/1998 9:23:00 PM
From: rdww   of 285
 
MNP adopts poison pill?
Are they worried about PDG scooping them for $3 or looking for a way to make news?


Madison Enterprises Corp MNP
Shares issued 16,577,900 Mar 4 close $2.03
Thu 5 Mar 98 News Release
Ms Nell Dragovan reports
The board of directors has adopted a shareholder rights plan. The objective
of the plan is to ensure that all shareholders of Madison are treated
equally and fairly in connection with any takeover bid for Madison. The
plan is not intended to block takeover bids, but will discourage
discriminatory or unfair takeover tactics and provide the board of
directors sufficient time to fully evaluate a takeover offer and pursue
alternatives to maximize shareholder value. The plan is similar to many
plans adopted by other Canadian companies. Madison is not aware of any
pending or threatened takeover bid for its shares.
In order to implement the plan, the board has authorized the issue,
effective March 5 1997, of one right in respect of each outstanding common
share of Madison. Until the occurrence of certain events, the rights will
trade with the shares and be represented by the certificates for the
shares.
On the occurrence of certain triggering events, including the acquisition
by a person or group of 20% or more of the outstanding shares of Madison in
a transaction not approved by the directors, the rights will entitle
holders (other than the acquiring person or group) to acquire shares of
Madison at a 50% discount to the prevailing market price. The rights will
not be triggered, however, by purchases of shares of Madison made under a
permitted bid.
Although the plan is effective immediately, it is subject to shareholder
confirmation at the 1998 AGM to be held in late April. Once confirmed by
shareholders the plan will be operative for a ten year term.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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