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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Waterfront Capital Corp. | TSXV:WFG | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.055 | 0.055 | 0.07 | 0 | 01:00:00 |
C.A. Bancorp Inc. (TSX:BKP) ("C.A. Bancorp") and Sentry Select Total Strategy Fund (TSX:TSF.UN) ("Total Strategy") are pleased to announce that they have completed the previously announced sale of AgriFinancial Canada Corp. ("AgriFinancial") to Western Financial Group Inc. (TSX:WES) ("WFG") (the "Transaction"). The purchase price at closing was $21.00 million ($20.48 million after transaction fees). C.A. Bancorp received approximately $18.40 million in cash and $0.13 million in loans receivable for total net consideration received of $18.53 million. Total Strategy received approximately $1.95 million in cash. The final purchase price of the Transaction is subject to post-closing adjustments based on the net book value of the AgriFinancial as at end of day, January 30, 2009. "We are extremely pleased to have completed the sale of AgriFinancial and the investment returns that have been generated on our original $10.5 million investment. This Transaction is representative of the potential value accruing within our remaining private equity portfolio," said Mark Gardhouse, President of C.A. Bancorp. "The C.A. Bancorp management team worked very closely with AgriFinancial over the past 16 months implementing a series of initiatives that has repositioned the company to capitalize on the growing Canadian agricultural sector. The sale to WFG will enable AgriFinancial to continue to provide industry leading financial products and outstanding service across WFG's new expanded customer base." It was previously announced that contemporaneous with the closing of the Transaction, C.A. Bancorp would provide $3.0 million in short term subordinated debt financing to WFG. WFG no longer requires the debt financing, and therefore, that financing will not be proceeding. The Transaction The Transaction was effected through a sale of all of the issued and outstanding shares of C.A. Bancorp Financial Corp. ("Financial Corp") to Bank West, WFG's wholly-owned bank. Financial Corp owned all of the issued and outstanding shares of AgriFinancial. C.A. Bancorp and Total Strategy were the sole shareholders of Financial Corp, with C.A. Bancorp holding approximately 90% and Total Strategy holding approximately 10% of its issued and outstanding shares. The total invested capital was $10.5 million. Trading information C.A. Bancorp's common shares trade on the Toronto Stock Exchange under the symbol BKP. C.A. Bancorp Inc. C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors. This news release contains forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent C.A. Bancorp and Total Strategy's beliefs regarding future events. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue", similar words or the negative thereof, or variations of such words and phrases that certain actions, events or anticipated outcomes "may", "would" or "might" be taken, occur or be achieved. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Results discussed herein could differ materially from those expressed or implied by such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements are based on assumptions including that the returns generated on the Transaction are representative of potential returns on other investments held by C.A. Bancorp. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, and tax related matters. C.A. Bancorp cautions that risk factors discussed in applicable continuous disclosure filings required by law that C.A. Bancorp and Total Strategy have made and filed on SEDAR should also be considered carefully and that undue reliance not be placed on forward-looking statements as events and results could differ materially from those expressed or implied by forward-looking statements made by C.A. Bancorp and Total Strategy. The cautionary statements qualify all forward-looking statements attributable to C.A. Bancorp and Total Strategy and persons acting on their behalf. Unless otherwise stated, all forward looking statements speak only as of the date of this press release. C.A. Bancorp and Total Strategy do not undertake, and specifically disclaim, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. C.A. Bancorp Inc. The Exchange Tower 130 King Street West Suite 2810, P.O. Box 104 Toronto, Ontario M5X 1A4 Telephone: (416) 214-5985 Fax: (416) 861-8166
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