INVESTMENT ACTIVITY / Templeton buys Renaissance
TEMPLETON PURCHASE OF SECURITIES OF RENAISSANCE ENERGY LTD.
TORONTO, July 6 /CNW/ - Templeton Management Limited, a corporation
incorporated under the laws of the Province of Ontario, on its own behalf and
on behalf of its affiliates, Templeton Global Advisors, Limited, a Bahamian
corporation and Templeton Investment Counsel, Inc., a Florida corporation and
Templeton/Franklin Investment Services, Inc., a Delaware corporation (the
''Templeton Affiliates'') announced today that various investment funds and
institutional accounts for which Templeton Affiliates serve as investment
advisor have, in transactions on the Toronto Stock Exchange completed on July
2, 1998, purchased 150,000 shares of Renaissance Energy Ltd. The shares,
together with previously acquired shares, represent 14.06% of the issued
shares of such class.
These purchases have been made for investment purposes. Investment funds
and institutional accounts managed by Templeton may, subject to market
conditions, make additional investments in or dispositions of securities of
Renaissance Energy Ltd. in the future. Templeton does not, however, intend to
acquire 20% of the outstanding securities of any class of Renaissance Energy
Ltd.
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For further information: Bruce S. MacGowan, Chairman, Templeton
Management Limited, 1 Adelaide Street East, Suite 2101, Toronto, Ontario, M5C
3B8, Telephone: (416) 957-6000
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