C.A. Bancorp Inc. to Sell Interest in Kingswood Estates
August 05 2010 - 8:00AM
Marketwired Canada
C.A. Bancorp Inc. ("C.A. Bancorp" or the "Company") (TSX:BKP) today announced
that it has entered into a purchase agreement with KS Kingswood Drive Holdings
Limited Partnership ("KS") pursuant to which KS will acquire C.A. Bancorp's
interest in Kingswood Drive Kitchener Limited Partnership ("Kingswood")
comprised of an approximate 80% limited partnership interest and a $0.6 million
secured loan (the "Transaction"). The aggregate purchase price for the
Transaction is $6.7 million.
The Transaction remains subject to certain conditions, including, without
limitation, completion of certain transaction documents and deliveries and other
customary closing conditions for a transaction of this nature. It is expected
that the Transaction will close on or about August 26, 2010. C.A. Bancorp has
received a $1.0 million deposit in trust from KS in partial satisfaction of the
purchase price for the Transaction with the balance to be paid on closing.
On August 3, 2010, following the expiry of the take over bid by a wholly-owned
subsidiary of Century Services LP, the Company announced that, as previously
disclosed, it would seek to realize on its investments and accelerate
opportunities to do so in order to return capital to shareholders. The
Transaction is in furtherance of the Company's realization strategy.
C.A. Bancorp Inc.
C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset
manager that provides investors with access to a range of private equity and
other alternative asset class investment opportunities. C.A. Bancorp is focused
on investments in small- and middle-capitalization public and private companies,
with emphasis on the industrials, real estate, infrastructure and financial
services sectors.
This release includes certain forward-looking statements. 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 the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will provide to be correct. Without limiting
the generality of the foregoing, there can be no assurance of any kind that the
sale will be completed. 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 the Company's most recent management discussion and
analysis and, with respect to the realization strategy, its directors circular,
both of which are available at www.sedar.com.
C.A. Bancorp Inc.
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 214-5985
Fax: (416) 861-8166
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