For those who care:
It seems like they have settled for second bestPender Capital Corp -
Pender renegotiates Granigroupe acquisition; appoints director
Pender Capital Corp
PNL
Shares issued 16,685,229
1999-05-03 close $0.45
Tuesday May 4 1999
Mr. Barrie Di Castri reports
Further to news in Stockwatch dated Feb. 3, 1999, the company
has renegotiated
the memorandum of understanding for an interest in Granigroupe
Inc., Canada's
largest stone and granite company, and Canada's principal
producer of granite
blocks and finished slabs. Pender has agreed to purchase, and
Granigroupe has
agreed to sell 50 per cent of the total shares held by the
Robitaille family rather
than a 100 per cent interest. This will result in less dilution at this
stage of the
company's growth and will guarantee a continuity of management
with the
Robitaille family remaining. It will also insure a smooth transition
of ownership for
the company. This agreement was executed by means of a
memorandum of
understanding wherein Pender Capital's offer of $6.5-million plus
600,000
common shares was accepted by Granigroupe Inc. In the market
value supported
by the valuation and due diligence reports recently prepared by
PriceWaterhouseCoopers. The share purchase agreement and
the shareholders
agreement are being worked on at this time and are slated to be
completed within
two weeks. Upon receipt of all regulatory and shareholder
approval, this
acquisition shall be financed with a yet unspecified combination of
debt and equity.
A finder's fee is payable on the transaction.
Jean Lamarre has been appointed to the board of directors. Mr.
Lamarre has a
vast amount of expertise in all facets of corporate management.
He has held many
high management positions throughout his career, including from
1983 to 1991
vice-president finance, from 1991 to 1992 vice-president Europe
for Lavalin,
1993 to 1996 international vice-president for Canam Manac
Group, 1996 to
present Lamarre Consultants, president, acting as a consultant to
organize
financing for companies that want to expand and establish
themselves in Quebec.
Mr. Lamarre is prepared to take a senior position with the
company in the near
future.
(c) Copyright 1999 Canjex Publishing Ltd.
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