Cadillac Fairview to complete $75 million rights offering January 22, 1997.TORONTO--(BUSINESS WIRE)--Jan. 6, 1997--Cadillac Fairview Corporation announced today that it has set January 22, 1997 as the closing date for its $75 million rights offering. The offering, which was fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of for by its December 20, 1996 expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m , permits Cadillac Fairview The Cadillac Fairview Corporation is a development corporation which is a wholly owned subsidiary of the Ontario Teachers' Pension Plan. Cadillac Fairview owns, develops and manages property, malls and large office and retail spaces, mostly in Canada and the United States. to set a closing date on 10 business days prior notice at anytime between January 15, 1997 and March 15, 1997. On the closing date, the Company will issue 4,687,500 Common Shares at a subscription price of $16.00 (Cdn.) per share for proceeds of $75 million (Cdn.) In addition to being fully subscribed, the Company also received requests for over 18 million shares from rights holders which, at the subscription price of $16.00 (Cdn.) per Common Share, would have yielded in the neighbourhood of $300 million of additional equity. "We were delighted with the success of the rights offering. The 18 million share oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. bodes well for equity support for future growth and entry into the public markets, and is strong evidence that the recovery of the real estate industry is well underway," said Bruce W. Duncan, President and Chief Executive Officer. The Company also announced that its first annual meeting will be held at 10:00 a.m. on January 24, 1997 in Toronto at the Toronto Marriott Eaton Centre Hotel. Cadillac Fairview is one of North America's largest real estate companies with a portfolio of commercial and mixed-use properties in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . It owns interests in and manages in excess of 44 million square feet in 86 properties. These properties include some of Canada's better-known properties, including the Toronto Eaton Centre The Toronto Eaton Centre is a large shopping mall and office complex in downtown Toronto, Ontario Canada, named after the now-defunct Eaton's department store chain. In terms of the number of visitors, the shopping mall is Toronto's top tourist attraction. and the Toronto-Dominion Centre in Toronto, and Pacific Centre in Vancouver. CONTACT: Cadillac Fairview Corp., Toronto Jon N. Hagan, 416/598-8739 416/598-8254 (FAX) |
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