Business
Kelso & Company Announces Expiry of Extension Offer, Take-Up Deposited Common Shares and Notice of Compulsory Acquisition of Remaining Common Shares
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DESTINATION IN THE UNITED STATES / ...
About this update from Etruscus Resources Corp.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DESTINATION IN THE\n UNITED STATES/\n\n\nMONTRÉAL and VANCOUVER, June 25, 2013 /CNW Telbec/ - Reference is made\n to the offer dated April 5, 2013 (the \"Offer\") by ET Acquisition\n Corporation (the \"Offeror\"), a new corporation indirectly owned by\n funds managed by Kelso & Company (\"Kelso\"), as amended and supplemented\n by the notice of extension dated May 10, 2013 \"), to purchase all of\n the issued and outstanding common shares (\"Common Shares\") in the\n capital of EACOM Timber Corporation (\"EACOM\") at a price of $0.38 per\n Common Share. The Offer was further extended on June 14, 2013 (the\n \"Extension\") to offer to purchase the Common Shares not deposited under\n the Offer as at June 14, 2013. As previously announced, the expiry time\n for the Offer was 12:01 a.m. (Toronto time) on June 25, 2013.\n\n\nKelso and EACOM are pleased to jointly announce that the Offeror will\n take up and accept for payment an additional 23,427,257 Common Shares\n validly deposited under the Extension, which together with the\n 643,482,709 Common Shares previously deposited under the Offer and\n taken up by the Offeror, represent approximately 98.24% of the issued\n and outstanding Common Shares.\n\n\nFollowing the take-up and acceptance for payment of 23,427,257 Common\n Shares validly deposited under the Extension together with the\n 643,482,709 Common Shares previously deposited under the Offer and\n taken up by the Offeror, Kelso and its affiliates will now own and\n control 666,909,966 Common Shares or approximately 98.24% of the issued\n and outstanding Common Shares in the capital of EACOM.\n\n\nThe Offeror indicated under the support agreement with the Company dated\n March 22, 2013 (the \"Support Agreement\") relating to the Offer that if\n more than 90% of the Common Shares were taken up by the Offeror, it\n could elect to proceed to acquire the remainder of Common Shares not\n deposited under the Offer (the \"Remaining Shares\") under the compulsory\n acquisition procedure under the Business Corporations Act (British\n Columbia), (the \"Act\"), if available.  Consequently, the Offeror\n announces that it will proceed with a compulsory acquisition procedure\n under the Act to acquire the Remaining Shares at a price of $0.38 per\n Common Share, ...