ComWest Announces Shareholder Approval of Consolidation and Management/Board Changes
17 October 2009 - 5:48AM
Marketwired
ComWest Enterprise Corp. ("ComWest") (TSX VENTURE: CWP)(TSX
VENTURE: CWP.A) is pleased to announce that its shareholders and
the TSX Venture Exchange have approved the consolidation of
ComWest's issued and outstanding Class A Restricted Equity Shares
(Non-Voting) and Class B Common Shares (Voting).
Pursuant to a special resolution passed by shareholders on
October 14, 2009, the Company has approved the consolidation of
both its Class A and Class B shares on a 2500 old for 1 new basis.
Holders holding less than one full share post consolidation are
entitled to a cash payment of $0.04 per share of their holdings on
a pre-consolidation basis in lieu of a fractional share. Following
the consolidation, the Company will immediately complete a stock
split on the basis of 1 old for 500 new, with fractional shares
being rounded to the nearest whole number. The Consolidation and
Stock Split will achieve a 5 to 1 consolidation and eliminate all
of the shareholdings of less than 2500 pre-consolidation shares in
exchange for the cash payment of $0.04 per share.
Effective at the opening on October 19, 2009, the Class A and
Class B shares of ComWest will commence trading on the TSX Venture
Exchange on a consolidated basis (five (5) old to one (1) new). The
CUSIP numbers of the Company will change to CA2058923004 (Class A
shares) and CA2058924093 (Class B shares); however, the name of the
Company and trading symbols have not been changed.
Prior to the completion of the consolidation and split, ComWest
has 5,027,504 Class A shares and 7,040,432 Class B shares
outstanding. Upon completion of the consolidation/split and
elimination of shareholdings of less than 2500 pre-consolidation
shares, it is anticipated that there will be approximately 834,400
Class A Shares and 1,208,000 Class B Shares issued and outstanding.
The exact number of shares will depend on the number of fractional
shares actually eliminated on the Consolidation.
Letters of transmittal are in the process of being mailed to all
registered shareholders. In order to obtain their new share
certificates, each shareholder must complete and send the letter of
transmittal along with their share certificates to the transfer
agent, as explained in detail in the management information
circular and the letter of transmittal.
Other Corporate Developments
At the Annual and Special Meeting of Shareholders held on
October 14, 2009, the total number of directors was reduced from
six to four with Mssrs. Bruce W. Aunger, John C. R. Cumming,
Douglas F. Good and C. Michael O'Brian being re-elected as
directors. The board wishes to express its gratitude to former
director, Paul Brownlee who did not stand for re-election, for his
past years of service as a director of ComWest.
Following the shareholders meeting, the board appointed Douglas
F. Good, former CFO, as President and Bruce W. Aunger as Chief
Financial Officer and Secretary. Mr. Aunger is Secretary and a
Director of Glacier Media Inc. (TSX: GVC) and Executive Vice
President and Chief Financial Officer of Madison Venture
Corporation.
About ComWest
ComWest management has been actively identifying, conducting due
diligence on and negotiating the potential acquisition of several
operating businesses. Deloitte Touche LLP were engaged to assist in
this process in 2008 but to date no acquisitions have been
concluded.
COMWEST ENTERPRISE CORP.
Douglas F. Good, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy of this release.
Contacts: ComWest Enterprise Corp. Douglas F. Good President 604
484 6628 dgood@telus.net
(TSXV:CWP)
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