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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Delavaco Residential Capital Corporation | TSXV:SZZ.H | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES Sereno Capital Corporation ("Sereno") (TSX VENTURE:SZZ.H) is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the "Exchange") for its business combination (the "Business Combination") with Delavaco Properties Inc. ("Delavaco"), the updated terms of which were previously announced on September 18, 2013. GMP Securities L.P. has agreed to serve as a Sponsor (as defined under applicable Exchange rules) for purposes of Exchange approval. Pursuant to the terms of the Business Combination, subject to certain conditions, including receipt of approval of the Business Combination by shareholders of Delavaco and certain matters ancillary to the Business Combination by the shareholders of Sereno, Delavaco will become a wholly owned subsidiary of Sereno and Sereno will continue the business of Delavaco under the new name "Delavaco Residential Properties Inc." The Business Combination will constitute the Qualifying Transaction of Sereno under the policies of the Exchange. Sereno also announces that a joint management information circular (the "Circular") concerning the particulars of the Business Combination has been mailed to shareholders of Sereno and Delavaco and filed on www.sedar.com under Sereno's corporate profile. Closing of the Business Combination is expected to occur following receipt of the approval of Sereno and Delavaco shareholders, which is being sought at special meetings of the shareholders, each to be held on December 30, 2013 and as further described in the Circular and the fulfillment of all conditions of the Exchange. About Delavaco Delavaco was incorporated on January 27, 2011 and since that time has been investing in single-family homes at prices below replacement costs and multi-family properties at attractive capitalization rates located in select markets in the United States, to date primarily in the southern United States, that were hard-hit by the residential housing market downturn and that, in the opinion of Delavaco, exhibit favourable demographics, positive economic growth and solid rental demand. While Delavaco will continue to invest in multi-family properties on an opportunistic basis, the principal focus will be on the acquisition of single-family homes, as management believes that such properties offer greater potential returns resulting from a housing recovery. About Sereno Sereno is classified as a Capital Pool Corporation as defined in Policy 2.4 of the Exchange. Trading of Sereno's common shares has been halted since the announcement of the Business Combination and is expected to resume shortly after completion of the Business Combination. Completion of the transaction is subject to a number of conditions, including but not limited to, final acceptance by the Exchange. There can be no assurance that the Business Combination will be completed as proposed or at all. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Sereno Capital Corporation Brandon Gordon Director 416-214-9672
1 Year Delavaco Residential Capital Corporation Chart |
1 Month Delavaco Residential Capital Corporation Chart |
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