|By Marketwired .||
|April 15, 2014 08:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/16/14 -- C.A. Bancorp Inc. (TSX:BKP) ("C.A. Bancorp" or the "Corporation") announced today the results of its substantial issuer bid by way of modified "Dutch Auction" (the "Offer"), pursuant to which the Company offered to purchase for cancellation up to $25 million in value of its outstanding common shares (the "Shares") from shareholders at a price of not less than $3.45 per Share and not more than $3.55 per Share. The Offer expired at 5:00 p.m. (Toronto time) on April 15, 2014.
Based on the final report provided by the depositary for the Offer, a total of 6,995,473 Shares were validly deposited and not withdrawn under the Offer. Pursuant to the terms of the Offer, the Company has determined the purchase price to be Cdn$3.50 per Share. The Company will take up approximately 6,965,273 Shares, representing 99.6% of the total number of Shares tendered to the Offer, for aggregate consideration of $24,378,455. These Shares represent approximately 56.8% of the total Shares issued and outstanding as of April 15, 2014 and, following the purchase and cancellation of these Shares, approximately 5,304,007 Shares will remain outstanding.
Take-up and payment for all Shares validly deposited and accepted for purchase under the Offer will be made as soon as practicable in accordance with the Offer.
The Shares deposited but not purchased, including any Shares invalidly deposited and those deposited by way of auction tenders at prices above the purchase price determined by the Company, will be returned promptly by the depositary to the depositing shareholder.
The full details of the Offer are described in the Company's offer to purchase and issuer bid circular dated March 10, 2014, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which are available on SEDAR at www.sedar.com.
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.
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements.
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