Exercise of Over-Allotment Option
Guess the rumour I'd heard that the IPO was over-subscribed by a factor of 2-3X had something to it. While this puts more shares on the market, it now increases the company's cash to over $36M.
But best of all, it may now clear the way for some meaningful news releases. [Note new strategic partnerships mentioned - these companies were not mentioned in the IPO document]
MONTREAL, QUEBEC--Following INFORMISSION GROUP INC's (IFN) Initial
Public Offering, which was closed on April 22nd, 1998 (3 365 854
common shares were issued), the underwriting syndicate has
exercised today the over-allotment option for 497,561 common
shares of Informission Group Inc. The closing for this
over-allotment option is today Friday, May 15th 1998. The
underwriting syndicate is led by Scotia Capital Markets, and
co-managed by Nesbitt Burns Inc., Midland Walwyn Capital Inc. and
Desjardins Securities Inc.
Informission Group Inc. is a public information technology company
providing innovative and cost-effective solutions for the
conversion, development and migration of information systems. The
Company offers proprietary re-engineering software products and
systems integration solutions to clients located mainly in North
America and Europe.
Informission Group, which currently has three offices in Canada
and one in the United States, plans to open an office in Paris,
France, and Ottawa, Canada, this year. The company has 16
strategic partners (most recently SEMA in Europe, and REASONING in
the United States) in 8 different countries. Last year,
Informission Group was selected as one of the 50 best-managed
Canadian private companies by Arthur Andersen and the Financial
Post.
Informission's strategy is designed to enable the company to
sustain an accelerated growth pattern beyond the Year 2000. The
main elements of this strategy include expansion of its
international presence by capitalizing on the Year 2000 conversion
market, leveraging business relationships, investing in its
Excellence Centers, continuing research and development, and
pursuing strategic acquisitions.
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