CFM Majestic Inc. Announces Completion of Substantial Issuer Bid.MISSISSAUGA, Ontario--(BUSINESS WIRE)--May 28, 1996--CFM MAJESTIC INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. ) CFM Majestic Inc. ("CFM"), announced today the completion of its substantial issuer bid to purchase 3,400,000 of its outstanding common shares at a price of Cdn. $7.535 per share in cash. The mailing of the offer to shareholders was previously announced on May 3, 1996. Mr. Heinz Rieger and Mr. Po-Yen Su, two of the founding shareholders of CFM, each tendered 1,700,000 common shares to CFM under the offer pursuant to agreements which they had entered into with CFM prior to the making of the issuer bid. As anticipated, in light of the current market price of the CFM common shares and other relevant factors, no other shareholders of CFM accepted the offer. Therefore, all of the shares tendered by Messrs. Rieger and Su will be taken up by CFM. As previously disclosed, the issuer bid was made in connection with the acquisition by CFM of the business of Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. Castings, Inc. ("Vermont Castings") which was completed on May 17, 1996. The purchase price for Vermont Castings was satisfied in part by the issuance of 3,382,442 common shares of CFM. The issuer bid has allowed CFM to complete the acquisition of Vermont Castings without causing dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. to shareholders of CFM whose shares will not be purchased under the offer. CFM is North America's leading manufacturer of gas and wood burning fireplaces. Founded in 1987 as CFM International Inc., the Company designs, engineers and manufactures a full line of innovative fireplace fireplace Opening made in the base of a chimney to hold an open fire. The opening is framed, usually ornamentally, by a mantel (or mantelpiece). A medieval development that replaced the open central hearth for heating and cooking, the fireplace was sometimes large enough to products. CFM's market position is a product of ongoing research and development aimed at constantly improving the design and efficiency of its products, along with its strategic relationships with gas utilities, strong regional distributors and local dealers. CFM's common shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CFM. CONTACT: CFM Majestic Inc. Colin M. Adamson, 905/670-7777 905/670-7915 (Fax) or CFM Majestic Inc. Richard E. Blum, 905/670-7777 905/670-7915 (Fax) |
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