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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing -- Ignore unavailable to you. Want to Upgrade?

To: worldtraveller who wrote (618)	6/14/2000 3:55:00 AM
From: panda-man	Read Replies (1) \| Respond to of 633

Magellan Aerospace Corporation - Acquisition of shares of Devtek Corporation TORONTO, June 6 /CNW/ - Magellan Aerospace Corporation announced the acquisition through an indirectly wholly-owned subsidiary of an additional 135,700 Subordinate Voting Shares of Devtek Corporation, which were purchased today through the facilities of The Toronto Stock Exchange, resulting in the acquisition of an aggregate of 471,700 additional Subordinate Voting Shares and 37,100 Multiple Voting Shares after the commencement of the formal bid by Heroux Inc. for the Subordinate Voting Shares and Multiple Voting Shares of Devtek Corporation. Magellan Aerospace Corporation now holds or exercises control or direction of 1,600,900 Subordinate Voting Shares and 47,100 Multiple Voting Shares of Devtek Corporation. The present purpose of the acquisition is for investment purposes. Magellan Aerospace Corporation may acquire beneficial ownership or control or direction of additional shares of Devtek Corporation from time to time. ____________________________________________________________ Investment Banking Firm, Alexander Hutton, Works With James N. Renner Co-Founder and Former CEO of Devtek, and Other Shareholders to Develop Alternatives to Heroux Offer New Alternatives Surface for Shareholders of Devtek Corporation To the Proposed Merger with Heroux Inc. SEATTLE, June 6 /CNW/ -- Investment banking firm, Alexander Hutton, is working with co-founder and former Devtek Corporation CEO, Mr. James N. Renner and other shareholders to develop alternatives to the proposed Devtek Corporation (Toronto: Dek.A; Dek.B) and Heroux Inc. (Toronto: HRX) merger. On Tuesday, May 30, after several postponements, Devtek finally held its 1999 Annual General Meeting (AGM). "It was clear to me from the numerous shareholder questions and comments, that shareholders are extremely dissatisfied and upset with the way in which they are being treated, a sentiment which I share and which prompted the actions being announced today," said Mr. James N. Renner, co-founder and former CEO of Devtek. Alexander Hutton ( alexanderhutton.com ) believes that in order to give sufficient time for a more attractive offer to be developed and presented, shareholders should give careful consideration prior to depositing their shares in accordance with the current 'Offer.' "In my opinion, and those of other shareholders, it appears to be quite clear that Devtek is being bought with its own cash as confirmed by Mr. Gilles Labbe, Chairman, President, and CEO of Heroux in response to a direct question posed by a Devtek shareholder at the meeting held directly following the Devtek AGM. Additionally, the offer from Heroux to acquire all of Devtek's outstanding subordinated and multiple voting shares does not represent $3.50 per share at current Heroux market prices. We are aware that competitive offers, including at least one all cash offer, were presented to Devtek's Board. We believe that shareholders should be given every opportunity to evaluate these alternatives and that the current restrictive process is unfair to shareholders," Renner continued. Alexander Hutton is an established middle-market investment banking and venture capital firm. Its skilled professionals have a combined total of over 200 years of operational and transactional experience. The firm focuses on companies in a variety of fields of commerce that reflect its worldwide expertise in technology, aerospace, manufacturing and other industries for business owners and corporate shareholders. A related firm, Alexander Hutton Venture Partners, is a leading venture capital firm focused on equity investments in the most promising technology companies. ____________________________________________________________ Ok, this I don't understand. I've followed Devtek a bit, but never bought in because I thought it was a loser. Why would Magellan be interested? At MAL's current share price, adding Devtek would certainly put a stress on their bottom line. Alternately, is MAL hoping to force Heroux into a higher bid in order to make a quick profit? I may be missing something in all this, but I hope it's the latter for MAL. I would like to see some real earnings growth before any more acquisitions.

To: worldtraveller who wrote (618)	6/17/2000 9:47:00 PM
From: panda-man	Read Replies (1) \| Respond to of 633

This has got to help Magellan's prospects.... Saturday, June 17, 2000 U.S. gives Canadian defence industry special status back Peter Morton Financial Post WASHINGTON - The United States has agreed to restore the special status of Canada's defence industry after threatening to impose new rules that could have hit up to $5-billion a year in contracts. Lloyd Axworthy, the Foreign Affairs Minister, and Madeleine Albright, the Secretary of State, signed an agreement yesterday that restores about 80% of Canada's special exemption in getting sensitive U.S. defence contracts. "We will continue to look at ways to broaden the exemption from where it was," Mr. Axworthy said. Last May, the U.S. said it was ending a 60-year-old special exemption for Canadian defence contractors, many of which are subsidiaries of U.S. companies, after it learned that U.S. military hardware sold to Canada had ended up in Iranian and Chinese hands. Ottawa insisted the shipments were unintentional and involved only outdated equipment, such as Second World War-vintage armoured carriers that were found in Iran. They were supposed to have been sold for scrap. "In no way was [the United States] alleging Canada was loose or a sieve," said one Canadian official. The new U.S. rules forced Canadian companies bidding on U.S. military contracts to get special export permits, something that effectively would have put them out of the bidding for the lucrative contracts. To reinstate the special exemption, Ottawa agreed to rewrite its own export control rules on military technology to dovetail with the United States. Legislation to do that was introduced this week in Parliament.