Canada's top two institutional investors support GENIVAR's growth - Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec invest $159.7 million through an equity private placement

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[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, Dec. 21, 2011 /CNW Telbec/ - GENIVAR Inc. (TSX: GNV)\n (\"GENIVAR\" or the \"Company\") announced today that it has completed an\n equity private placement (the \"Private Placement\") of 6,500,000 common shares from treasury at a price of $24.57 per share for aggregate gross proceeds of $159,705,000. Participants in the Private Placement are Canada's top two institutional\n investors, the Canada Pension Plan Investment Board (\"CPPIB\") and the\n Caisse de dépôt et placement du Québec (the \"Caisse\"), each of whom invested a gross amount of $79,852,500.\n\n\nProceeds from the Private Placement will primarily be used to repay debt\n and for general corporate purposes.\n\n\n\"We are very happy to have received such support from Canada's two\n largest institutional investors. CPPIB and the Caisse's decision to\n support GENIVAR, is a sign of their commitment to our domestic and\n international growth strategy,\" stated Pierre Shoiry, President and\n Chief Executive Officer of GENIVAR. \"This financing will allow us to\n continue growing our Canadian business while moving forward on\n executing our international expansion plans. Our objective is to\n deliver on our disciplined strategy, which has proven successful in the\n past and will create long-term value for our shareholders.\"\n\n\n\"In a time of great market volatility, our strong balance sheet and\n financial position will firstly allow us to execute our growth\n strategy, and secondly, ensure the sustainability of our firm in the\n long run with two strong partners alongside GENIVAR,\" commented\n Alexandre L'Heureux, Chief Financial Officer of GENIVAR. \"Both\n institutions have clearly signaled their long-term commitment to\n GENIVAR, in part by agreeing to have portions of their acquired common\n shares locked-up for up to 18 months before such common shares can be\n freely tradable. The institutions are also subject to certain other\n investment restrictions. Additionally, in keeping with their interest\n in supporting our international expansion plans, CPPIB and the Caisse\n have each been granted a pre-emptive right to participate pro rata in\n future offerings of the Company.\"\n\n\n\"We believe that GENIVAR's strong and experienced management team\n combined with its future growth opportunities, both in Canada and\n globally, ma...

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