Acktion Corporation - Company Update.TORONTO--(BUSINESS WIRE)--July 2, 1998--Acktion(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. .) (WINNIPEG Winnipeg, city, Canada Winnipeg (wĭn`ĭpĕg), city (1991 pop. 616,790), provincial capital, SE Man., Canada, at the confluence of the Red and Assiniboine rivers. STOCK EXCHANGE:ACK.) Acktion Corporation (TSE, WSE-ACK) today announced that it has closed the previously announced acquisition of all the outstanding shares of Devan Properties Ltd. P. The aggregate purchase price, including shareholder advances, of $136.6 million was satisfied by $127.7 million in cash and the issuance of 522,059 Acktion common shares together with the assumption of $207 million of mortgage debt. P. Devan's principal business is the acquisition, development, leasing, financing and management of shopping centres in Canada. It owns interests in 11 shopping centres containing a total of approximately 3 million square feet of gross leaseable area. P. K. (Rai) Sahi, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Acktion, was quoted as saying, "Devan holds a high quality portfolio of shopping centre assets with four large regional shopping centres accounting for over 83 percent of the holdings. These centres are performing well, are dominant intheir respective markets, and are well positioned to maintain market share. Devan has a strong, experienced and proactive management team, and I am delighted to welcome them on board to act as a platform for future growth." P. Acktion Corporation is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. corporation with interests in real estate, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and leasing.
CONTACT: Acktion Corporation
K. (Rai) Sahi, 416/631-5288
416/635-9549 (FAX)
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