BRAMPTON, ON, Jan. 16, 2017 /CNW/ - Franchise Bancorp Inc.
(TSXV: FBI) (the "Corporation") announced today that it will
be applying to the TSX Venture Exchange (the "Exchange") to
voluntarily delist its common shares from the Exchange and will be
applying to the securities regulatory authorities to cease to be a
reporting issuer.
With the successful completion of the takeover bid of WTF
Holdings Inc. ("WTF") to purchase all of the common shares
("Common Shares") of the Corporation, other than Common
Shares owned by WTF and its affiliates and associates, for
$2.13 per Common Share (the
"Offer"), WTF and its affiliates and associates now
beneficially own, directly and indirectly, an aggregate of
8,539,406 Common Shares, representing approximately 99.01% of the
outstanding Common Shares and 100% of the Corporation's Class A
Preference Shares and Class B Preference Shares.
Upon completion of WTF's compulsory acquisition to acquire the
Common Shares not deposited to the Offer, WTF and its affiliates
associates will own 100% of the Corporation's Common Shares.
WTF is a corporation owned and controlled by the management of
the Corporation. In particular, Dino
Fragaglia (the Vice President of Global Pet Food Stores
Inc., a subsidiary of the Corporation), Paul Thomson (the President of the Corporation)
and James Walker (the President of
Global Pet Food Stores Inc., a subsidiary of the Corporation),
directly or indirectly, own WTF.
With the expiry of the Offer on January
13, 2017, the directors of the Corporation's independent
committee have fulfilled their duties and have resigned. The
Corporation would like to thank Philip
Barnes, Ronald Saint-Martin
and Michael Campbell for their
contributions during their respective tenures.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This press release contains forward-looking statements.
Actual developments may differ from those contemplated by these
statements depending upon, among other things, decisions made by
regulators. The forward-looking statements contained in this
press release represent the Corporation's views and expectations as
of the date of this release and should not be relied upon as
representing its views and expectations at any subsequent date.
SOURCE Franchise Bancorp Inc.