Brocker Investments Ltd. enters into "Heads of Agreement" with Blue Star Group Limited.CALGARY, Alberta--(BUSINESS WIRE)--June 10, 1996-- Brocker Investments Ltd. announces that late last week it entered into a "Heads of Agreement Heads of Agreement A non-binding document outlining the main issues relevant to a tentative partnership agreement. Notes: It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. " with Blue Star Group Limited respecting the potential acquisition of all the outstanding shares of Brocker Investments Ltd. It is proposed that the outstanding common and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Brocker Investments Ltd. would be acquired for a purchase price of NZ$16.75 million (based on the current exchange rate of approximately NZ$1.00 = CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.9122 this represents approximately CDN$15.28 million). Brocker Investments presently has 8,961,000 common shares and 3,543,094 Preferred Shares ( the Preferred Shares have a stated capital stated capital See legal capital. of CDN $1.00 per share) outstanding plus options for the purchase of an additional 864,000 common shares. Of this purchase price, NZ$13 million is to be paid by the issuance of shares of US Office Products Company of which Blue Star is a subsidiary. The Heads of Agreement anticipates 50% of these shares being subject to resale restrictions. US Office Products is a public company whose shares trade on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on . The Heads of Agreement is subject to a number of conditions including all required regulatory approvals and due diligence. As a result, there is no assurance that this transaction will proceed on the basis described above. THE ALBERTA STOCK EXCHANGE Alberta Stock Exchange See Canadian Venture Exchange (CDNX). HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Brocker Investments Ltd., Casey O'Byrne, (403) 429-1010 |
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