Found this one to...
2. DATE OF MATERIAL CHANGE: October 16, 1998
3. PRESS RELEASE: Issued to the financial press on October 19, 1998
4. MATERIAL CHANGE:
On October 19, 1998 Simmonds Capital Limited (“SCL”) announced that it had completed a settlement with its principal lender, Mees Pierson ICS Ltd. (“ICS”), a member of the Dutch merchant banking group Mees Pierson. As full and complete settlement of the obligations due, SCL has paid a cash settlement of US$1 million and has agreed that ICS may proceed to foreclose on certain marketable securities which had been pledged to ICS as collateral for its loan to SCL. These include 3,824,382 common shares of Intek Global Corporation, 31,309,000 common shares of Circuit World Corporation, 4,230,906 common shares of American Digital Communications, Inc., 3,222,220 common shares of Ventel, Inc. and a warrant to purchase common shares of Richey Electronics, Inc. which collectively have a current market value of approximately US$7.2 million.
It's my understanding that those shares where bought back at a later dae, the question is by whom... The Company or was it personally by J.G. Simmonds...
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