Vartan, how does one interpret Paige "semi-buyout"? Price rise?
In newswire, 2 mil. paige (pag/tse) were bought by "Formosa Cablecord".Itsa done deal. So do the stocks sit still? Paige did not need more cash, they had enough. Or do we all get flattered and say, if someone else wants them, they must be good? Can you find out how much Costa paid? Formosa Cablecord is private?
thanks,
fred b
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PAIGE INNOVATIONS INC. BLOCK PURCHASE
TORONTO, May 3 /CNW/ - Mr. Alberto de Sousa Costa, President of Formosa Cablecord Inc. (Formosa'') today
announced that Formosa now owns in total by virtue of its purchase by private agreement from Spark Innovations Inc.
(Spark'') 2,045,150 shares of Paige Innovations Inc. (Paige'') which represents approximately 14.7% of the currently issued
common shares of Paige. Spark has additionally granted an option in favour of Formosa to enable Formosa, at its election,
to purchase an additional 1,022,575 common shares during a 15 day period following the second anniversary date of the
purchase agreement.
During the three year period following this share purchase, 2,045,150 common shares owned by Spark and its principal
shareholder Robert G. Dickie will be subject to a voting trust arrangement in favour of Formosa which will provide Formosa
with voting control over approximately 29.5% of the currently issued shares of Paige. Paige currently has 13,879,505
common shares outstanding.
Formosa intends, as circumstances warrant and opportunities are presented, to increase its shareholdings to a maximum of
50.1% of the issued and outstanding shares of Paige. Formosa has acquired the shares of Paige and will acquire shares of
Paige in the future for investment purposes. As circumstances warrant and in the event that the conditions precedent to
Formosa's right to exercise its option are fulfilled, Formosa may exercise the option.
No person or company is acting jointly, or in concert with Formosa relative to the foregoing.
DATED this 3rd day of May, 1996.
FORMOSA CABLECORD INC.
Per: Alberto de Sousa Costa,
President
(416) 488-4189
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