TORONTO, ONTARIO--(Marketwire - March 7, 2013) -
CDJ Statement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CDJ Global Catalyst LLC (the "Offeror" or "CDJ") together with C.A. Bancorp Inc. ("CAB") (BKP.TO) jointly announced today the completion of the Offeror's previously announced offer to acquire all of the issued and outstanding common shares of CAB (the "Common Shares") at a price of C$3.20 per share (the "Offer").
The Offeror has taken up and paid for all 8,469,291 Common Shares deposited pursuant to the Offer, which represent approximately 69% of the issued and outstanding Common Shares of CAB. Together with the Common Shares acquired under the Offer, the Offeror, on behalf of managed accounts over which it exercises discretion and control, holds 10,911,342 Common Shares, representing 88.9% of the issued and outstanding Common Shares of CAB.
The Company also announced that, in connection with the take up and payment for Common Shares by the Offeror under the Offer, Paul Haggis (Chairman), Frank Potter, Steven Sharpe, and Timothy Unwin have resigned from the board of directors of CAB and Bradd Gold, Gaetano Muzio, Roy Pottle and Robert Wolf have been appointed thereto. Steven Sharpe and Kurt Brands resigned from their positions as Chief Executive Officer and Chief Financial Officer, respectively.
Effective today, CDJ will manage the business and affairs of CAB. Colin King, principal of CDJ, said "we are truly excited that we can now begin creating value for all CAB shareholders. From a shareholder alignment perspective, CAB has a committed Board of Directors with individual directors having substantial personal financial investments in CAB. CDJ and the Board will immediately begin to: (1) aggressively maximize value from CAB's existing investments, with a particular focus on realizing on the potential of CAB's investment in Digital Payment Technologies Corp., and (2) work to deploy its more than $24 million in cash.
CAB believes that there are many under-performing and under-managed businesses (both public and private) in North America that could benefit significantly from actively participating investors with new capital and the experience of proven business builders. In abandoning its previous realization strategy, CAB will now serve as a platform to make such opportunistic investments."
Caution Regarding Forward-Looking Information
This release may contain forward-looking statements, including statements relating to the creation of CAB shareholder value, maximizing value from CAB's existing investments, realizing on CAB's investments and cash deployment. 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 CAB and CDJ believe that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will provide 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. Reference should be made to the risk factors published in CAB's most recent management discussion and analysis available at www.sedar.com.