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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bank Nova Scot | LSE:BNV | London | Ordinary Share | CA0641491075 | COM NPV |
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 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 8384a BANK OF NOVA SCOTIA 18th August 1997 SCOTIABANK COMPLETES ACQUISITION OF NATIONAL TRUSTCO INC. TORONTO, Aug 15/CNW/ - Scotiabank announced today that it has taken up and paid for all National Trustco shares properly tendered under the offer which expired at midnight on Monday, August 11, 1997. The Bank now owns 98.4% of all common shares of National Trustco Inc. and is in the process of acquiring the balance. "This marks the completion of a very important strategic initiative for Scotiabank," said Bruce Birmingham, President, Scotiabank. "We are acquiring a strong partner with a great team of people and, together, we will have a stronger presence in many major markets across the country. We will have the opportunity to serve many new customers and the chance to provide them with a broader range of services. "Our collective ability to retain and build business through the integration process will be the key to making this acquisition a success," Birmingham continued. "We look forward to working with our National Trust partners over the next year to develop a carefully considered integration plan - one which focuses on preserving employment and providing customers with greater convenience and ongoing personalised service." "National Trust employees are looking forward to an exciting future, working with Scotiabank to broaden the range of products and services we are able to offer customers," said Paul Cantor, Chief Executive Officer of National Trust. "Scotiabank's strong, national branch and technology networks, combined with its far-reaching global operations, will provide tremendous opportunties for both National Trust customers and employees." About 35,386,000 shares were tendered under the Bank's offer. Of these, about 31,744,000 or 89.7% were tendered under the intial offer to purchase on the basis of 0.125 of a common share of the Bank plus $26.475 cash for each National Trustco share. About 3,642,000 shares, or 10.3%, were tendered under elections to receive $21.475 of the cash portion in Bank shares, valued at $65.95 per common share. The Bank expects to issue about 5,600,000 common shares and pay out about $860 million in cash by August 15 as a result of the offering. A notice of acquisition of the remaining common shares of National Trustco pursuant to the Ontario Business Corporations Act is being mailed to holders today. These shares will be acquired on the same terms as the Bank's initial offer. The right to elect to receive a portion of the cash in additional bank shares has now expired. This process is expected to be completed in 30 days. For further information: Shelley Jourard, Manager, Public Affairs. (416) 866-6204 END
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