Cagim Real Estate Corporation Exercises Stock Options, Deposits Shares in Response to BTB Real Estate Investment Trust's Take-Over Bid

Strategic Insights -

Cagim Real Estate Corporation, a real estate management corporation, has announced that all 2,320,000 issued and outstanding stock options have been exercised, with the holders of these options depositing their common shares in favor of the take-over bid of BTB Real Estate Investment Trust. Additionally, the company has converted its $650,000 in convertible debentures into common shares and received confirmation from another debenture holder that it intends to convert its $750,000 debenture prior to May 7, 2010. The total number of common shares deposited in response to the take-over bid will be 5,120,000. This development is a significant step towards the completion of the take-over bid, with the company confident that the required minimum of 66 2/3% of the issued and outstanding common shares will be deposited by May 7, 2010.

Key Takeaways:

  • All 2,320,000 issued and outstanding stock options were exercised, with the holders depositing common shares in favor of BTB Real Estate Investment Trust's take-over bid.
  • The company converted its $650,000 in convertible debentures into common shares.
  • A remaining debenture holder with a $750,000 debenture intends to convert it prior to May 7, 2010.
  • The total number of common shares deposited in response to the take-over bid will be 5,120,000.
  • The company is confident that the minimum 66 2/3% of its issued and outstanding common shares will be deposited by May 7, 2010.
  • The take-over bid was mailed to shareholders on April 1, 2010.
  • The Corporation operates through its subsidiaries ADG Immobilier Inc., Complexe Lebourgneuf Inc., and Societe Immobiliere Albatros Inc.
  • The Corporation is listed on the TSX Venture Exchange.

Statistics:

  • 2,320,000 stock options were exercised.
  • $650,000 in convertible debentures were converted into common shares.
  • $750,000 in convertible debentures will be converted prior to May 7, 2010.
  • 5,120,000 common shares will be deposited in response to the take-over bid.
  • 66 2/3% of the issued and outstanding common shares are required to be deposited by May 7, 2010.
  • The take-over bid expires on May 7, 2010.

Sources:

  • Marketwire via COMTEX.