Here is the latest PR I could find......CM
Renaissance Golf Announces Proposed Transaction with San Antonio Motorsports, Inc.
VANCOUVER, Oct. 6 /CNW/ - Renaissance Golf (Canada) Inc.
Trading Symbol: RGCI
Further to its press release of August 7, 1998, Renaissance Golf (Canada)Inc. (''Renaissance'') announced that it is continuing discussions with SanAntonio Motorsports, Inc. (''SAMS'') relating to the proposed purchase by Renaissance of all of the issued and outstanding shares of SAMS in exchange for the issuance of treasury shares of Renaissance. Renaissance has entered into a non-binding letter of intent with the sole shareholder of SAMS relating to the proposed purchase. Under than terms of the letter of intent, the
number of shares in Renaissance to be issued will be determined having regard to the respective shareholders' equity of SAMS and Renaissance on the last day of the calendar month immediately preceding the completion of the share exchange transaction (the ''Effective Date''). At April 30, 1998, the shareholders' equity of Renaissance and SAMS were $241,354 and US$741,170, respectively.
SAMS is a private corporation incorporated under the laws of the State of Texas. SAMS, which was formed in 1997, owns and operates two dirt track raceways in the southwestern United States. These are the South Texas Speedway, which is located in Corpus Christi, Texas, and the Joplin 66 Speedway which is located in Joplin, Missouri. SAMS has advised that negotiations for the acquisition of a third racetrack are underway.
The proposed acquisition of SAMS is subject to numerous conditions
including completion of a satisfactory due diligence investigation. The entering into of a definitive share exchange agreement, receipt of regulatory approvals and the approval of the transaction by a majority of the votes cast at a meeting of shareholders of Renaissance called to consider the acquisition. It was originally hoped that this matter could be placed before the shareholders of Renaissance at the annual meeting being held in Vancouver, British Columbia on Thursday, October 8, 1998. Due to delays in obtaining
required financial information concerning SAMS, a further shareholders meeting will have to be held at a further date following receipt of required financial information. It is proposed that the closing date for the share exchange transaction will be the fifth business day following receipt of all required shareholder and regulatory approvals.
The Canadian Dealing Network halted trading in the common shares of Renaissance following the August 7, 1998 press release. It a normal practise of the Canadian Dealing Network in share exchange transactions of this type to halt trading of the acquiring company pending receipt of required shareholder approval and reapplication by the merged company. |
