Business
Pounder Announces Proposed Qualifying Transaction with Diamond Estates Wines & Spirits Ltd.
Pounder Announces Proposed Qualifying Transaction with Diamond Estates Wines & Spirits Ltd.
About this update from Andrew Peller Limited Class A
[{"type":"text","content":"\nPounder Announces Proposed Qualifying Transaction with Diamond Estates Wines & Spirits Ltd.\n\n\n Apr. 1, 2010 (Filing Services Canada) -- Pounder Venture Capital Corp. (\"Pounder\") (TSX-V:PDR.P),a capital pool company listed on the TSX Venture Exchange (the \"Exchange\" or \"TSX-V\"), and Diamond Estates Wines & Spirits Ltd. (\"Diamond\") are pleased to announce that they have entered into a letter of intent dated March 31, 2010, pursuant to which Pounder shall acquire all of the issued and outstanding shares of Diamond pursuant to an amalgamation, arrangement, take-over bid, share purchase or share exchange or other form of transaction. Such transaction is intended to be the qualifying transaction (the \"Qualifying Transaction\") of Pounder as such term is defined in Policy 2.4 of the Exchange. Pounder anticipates filing an information circular or filing statement detailing the Qualifying Transaction and related matters in the near future.About DiamondDiamond is a private company existing under the laws of Ontario with its head office in Toronto, Ontario. Diamond's strategy includes consolidation in both the fragmented Canadian wine industry and the sales and distribution agency business. Diamond was founded in 2001 and has grown primarily in three different ways: (1) acquiring Ontario wineries; (2) developing its own wine brands; and (3) representing various wine, beer and spirit brands (its agency business).Diamond currently owns three Ontario wineries (two in the Beamsville Bench and one in Niagara-on-the-Lake), owns nine Canadian wine brands and produces over 165,000 cases of domestic wine per year in its state of the art 43,000 square foot manufacturing facility located in Niagara-on-the-Lake, Ontario. The domestic wines are sold primarily to the Liquor Control Board of Ontario (LCBO) with sales also occurring at the on-site winery retail stores and directly to licensed restaurants. Diamond is making some small extra-provincial sales. Diamond has acquired six different wineries, and has sold the real estate assets of three of these wineries, keeping brand ownership of two - Lakeview Cellars and Birchwood Estates. Diamond is also a significant player in the agency business in Canada, representing more than 100 imported and domestic spirit, wine and beer brands across Canada.Diamond continues to focus its efforts tow...