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Gold/Mining/Energy : Donner Minerals (DML.V) -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (6876)	8/31/1998 2:24:00 PM
From: VAUGHN	Read Replies (1) \| Respond to of 11676

Hello Mr. Metals *OFF TOPIC* Since this is a popular topic of conversation, I thought this news item may be of interest. ******** C.M. OLIVER AND CANACCORD CAPITAL COMBINE TO CREATE THE LARGEST INDEPENDENT INVESTMENT FIRM IN CANADA VANCOUVER, Aug. 31 /CNW/ - C.M. Oliver Inc. announced today that its investment brokerage subsidiary, C.M. Oliver & Company Limited, has reached agreement to merge its operations with Vancouver-based investment dealer, Canaccord Capital Corporation. The two full service national investment firms have operated successfully in Canada for many years - C.M. Oliver since 1907; Canaccord Capital since 1950. This combination will create Canada's largest independent employee owned investment firm with over 20 offices in Canada and international offices and affiliations in the United States, Britain, Switzerland and Bermuda. The merged firm, which will operate under the Canaccord Capital name, will have over 700 personnel, including 400 Investment Advisors, with combined revenues for the fiscal year ended March 31, 1998 of around $150 million. The merger will be completed by a transfer of assets, senior management and other employees of C.M. Oliver & Company Limited to Canaccord Capital. The purchase price for the assets will be paid out of revenue production for a maximum of 18 months which is expected to offset restructuring costs and result, subject to adjustments and other variables which cannot be accurately predicted at this time, in C.M. Oliver & Company Limited maintaining or exceeding its current book value at the end of that period. As at July 31, 1998, C.M. Oliver & Company Limited's book value was approximately $11.9 million. This transition will be completed during October 1998. C.M. Oliver & Company Limited, which will remain a subsidiary of C.M. Oliver Inc., intends to wind down active brokerage operations. Subject to regulatory approval, it will maintain its registrations and stock exchange seats. Operations of C.M. Oliver Financial Corporation and C.M. Oliver Financial Planning Corp., the financial planning subsidiaries of C.M. Oliver Inc., will continue unaffected. ''This is a very positive move for C.M. Oliver Inc. to capitalize on the value of our investment brokerage operations and therefore improve shareholder value during difficult market conditions. It allows us to combine complementary strengths while at the same time considerably reducing costs and overheads,'' commented Darryl J. Yea, President & CEO of C.M. Oliver Inc. ''Our Board felt it was the right time to combine our brokerage operations with a well capitalized and well managed fully integrated investment dealer which has the most sophisticated and efficient technology and processing platform we've seen,'' added Mr. Yea. ''With Canaccord's highly advanced system operations, we feel the merged firm is the best independent platform to grow rapidly in the future and take advantage of the expected consolidation in the industry.'' ''This is the fit we were looking for to initiate the next major stage in growth of our business,'' stated Michael Greenwood, President & Chief Operating Officer of Canaccord Capital. ''With the C.M. Oliver merger and others that we hope to conclude with our new partners, we believe we will become the dominant independent firm in Canada giving individuals, institutions and corporate clients a viable alternative to the bank and American owned investment dealers. Canadians will demand a strong independent competitor and we intend to be that firm,'' Mr. Greenwood went on to say. C.M. Oliver Inc. is a publicly traded holding company with interests in the financial services industry through C.M. Oliver Financial Corporation and C.M. Oliver Financial Planning Corp. These wholly owned subsidiaries provide financial planning products, services and advice to investors throughout Canada. Canaccord Capital offers a full range of professional investment services including private client services, corporate finance, research, institutional equities and international trading. Further information on Canaccord Capital can be obtained through its Internet Web Site at www.Canaccord.com. -30- For further information: Darryl J. Yea (604) 605-4000, Michael Greenwood (604) 643-7790 Regards