Cara Operations Limited Completes Substantial Issuer Bid.TORONTO--(BUSINESS WIRE)--May 22, 1996--Cara Operations Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,ME: CAO; CAO.A) Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited announced today the successful completion of a substantial issuer bid for its Common and Class A Non-Voting Shares. Pursuant to the bid which was previously announced on April 10th, Cara offered $5.00 per share for up to 10 Million of its outstanding Common Shares and 10 Million of its outstanding Class A Non-Voting Shares. Mr. Bernard Syron, Chairman and Chief Executive Officer of Cara Operations advised "An aggregate total of 17,067,000 Common Shares and 39,193,000 Class A Non-Voting Shares were deposited by shareholders in response to the Corporation's offer. We are extremely pleased with the outcome, as it clearly signals that our shareholders agree with our strategy to enhance shareholder value. As provided for in the offer, with more than 10 Million of each class of shares being tendered, the shares will be taken up and paid for pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. on a class by class basis. As a result, the number of outstanding Common Shares following take up and payment will be 44,884,520 and the number of outstanding Class A Non-Voting Shares will be 52,926,954. Mr. Gabriel (Gabe) Tsampalieros, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Cara added "The offer was made to afford the shareholders of the Corporation with an opportunity to realize an immediate cash return for all or a portion of their investment in Cara. Those shareholders who elected to tender in to the bid will receive an attractive distribution. For those shareholders who elected to hold on to all or a portion of their shares, we expect the completion of the offer will enhance the long-term value of the outstanding shares." Either way our shareholders win. Cara Holdings Limited, the significant shareholder of Cara Operations Limited, did not tender any shares to the offer, and as a result of the completion of the offer, Cara Holdings, together with its controlling and majority shareholders and their affiliates, associates and subsidiaries, being the holders of an aggregate of 34,304,872 Common Shares and 16,832,150 Class A Non-Voting Shares, will hold approximately 76% of the outstanding Common Shares and 32% of the outstanding Class A Non-Voting Shares of Cara Operations Limited. Cara Operations Limited is a leader in the Canadian food service industry. In addition to its recent acquisition of approximately 35% of the shares of The Second Cup Limited, making Cara the largest shareholder of Canada's leading specialty coffee chain, Cara's core businesses include: the Harvey's chain of quick service restaurants featuring char-broiled hamburgers; Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. family-style restaurants featuring rotisserie chicken and barbecued bar·be·cue n. 1. A grill, pit, or outdoor fireplace for roasting meat. 2. a. A whole animal carcass or section thereof roasted or broiled over an open fire or on a spit. b. ribs; the Airport Services division which provides catering and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services to over 50 airlines from flight kitchens and facilities throughout Canada, as well as operating restaurants, bars, newsstands and gift stores in major transportation terminals; Beaver beaver, either of two large aquatic rodents, Castor fiber and Castor canadensis, known for their engineering feats. They were once widespread in N and central Eurasia except E Siberia, and in North America from the arctic tree line to the S United Foods which is a leading contract caterer providing food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and to educational, healthcare, government and business accounts, as well as services to remote work camps and special events; and Summit Food Service Distributors, a full-line food wholesaler and distributor operating primarily in Ontario. Cara's shares are listed on the Toronto and Montreal Stock Exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) under the symbols CAO (Common Voting) and CAO.A (Class A Non-Voting). CONTACT: Cara Operations Limited M. Bernard Syron, 416/969-2525 or Cara Operations Limited Gabriel (Gabe) Tsampalieros, 416/969-2534 416/969-2547 (fax) Email: finance@cara.com Website: http://www.mcgill.com/~cara/ |
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