Tri-White Corporation announces
increase in ownership of Clublink
Wednesday April 25,
Tri-White Corporation (TSX:
TWH)
TORONTO, April 25 /CNW/ - Tri-White Corporation ("Tri-White") announced
today that it has entered into an agreement with 2126521 Ontario Inc. to
purchase 6,635,300 common shares in the capital of ClubLink Corporation
("ClubLink") at a price of $13.25 per common share. With respect to the total
consideration of $87,917,725, $35,000,000 is to be settled by way of a one
year unsecured note, with the balance in cash. The transaction is expected to
close June 1, 2007. As a result of the transaction, together with the common
shares currently owned, Tri-White will beneficially own 11,995,475 common
shares, representing approximately 70.7% of the issued and outstanding common
shares of ClubLink. Tri-White is considering various options with respect to
its holding in ClubLink, including the possibility of making an offer at the
same price to the remaining shareholders of ClubLink.
Tri-White Corporation holds a diverse merchant-banking portfolio and is
publicly listed on the Toronto Stock Exchange. K. Rai Sahi, Chairman and Chief
Executive Officer controls approximately 70% of the outstanding common shares
of Tri-White. Tri-White is the largest shareholder of ClubLink Corporation,
Canada's leading owner, operator and developer of high quality member golf
clubs, with 40, 18-hole equivalent properties in Canada. As well, Tri-White is
the largest shareholder of Renasant Financial Partners Ltd., a financial
services provider and equipment trading organization, operating throughout
North America and Europe. In addition, Tri-White owns a 100% interest in the
historic White Pass & Yukon Route Railway, with strategic holdings in the port
operations and supporting excursions, based in Skagway, Alaska.
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For
further information
K. Rai Sahi, Chief Executive Officer,
Tel:
(905) 281-3800,
Fax: (905) 281-5890,
e-mail: rsahi@morguard.com
Mr. Donald Turple, Chief Financial Officer
55 City Centre Drive, Suite 1000
Mississauga, Ontario, L5B 1M3
Phone: (905) 281-5948
Fax: (905) 281-5890
e-mail: dturple@morguard.com
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