Clairvest Group announces an agreement with Consoltex Group.TORONTO--(BUSINESS WIRE)--Dec. 23, 1996--CLAIRVEST 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). :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) .) Clairvest announces today that it has entered into a previously announced agreement with Consoltex Group Inc. pursuant to which it proposes to acquire 3.4 million subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. from treasury at the price of $1.80 per share. This proposed transaction is subject to certain closing conditions including regulatory approval, approval of the Board of directors of Clairvest and the completion of the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Clairvest. This transaction is expected to close in late January. Clairvest Group Inc. also announced today that it has entered into a letter of intent with Les Gantiers Holding B.V., the holder of approximately 28.4 percent of the outstanding equity securities of Consoltex Group Inc. and 65.4 percent of the votes attached to all outstanding voting securities of Consoltex Group Inc. pursuant to which, inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. , Clairvest shall have the right to acquire, under certain circumstances, at least 860,000 multiple voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 shares of Consoltex Group Inc. from Les Gantiers Holding B.V. The proposed transaction is subject to certain closing conditions including final documentation, completion of due diligence by Clairvest and approval of the board of directors of Clairvest. This transaction is expected to close in early January 1997. Following completion of the private placement, Clairvest may acquire up to an additional 500,000 subordinate voting shares of Consoltex in the open market or by private agreement, either alone or with others, as opportunities may arise. Following completion of the private placement and the acquisition of 860,000 multiple voting shares of Consoltex Group Inc., Clairvest will own shares of Consoltex Group Inc. representing approximately 25 percent of the outstanding equity securities of Consoltex Group Inc. and 23.3 percent of the votes attached to all outstanding voting securities of Consoltex Group Inc., and Les Gantiers Holding B.V. shall retain in excess of 50 percent of the votes attached to all outstanding voting securities of Consoltex Group Inc. CONTACT: Clairvest Group Inc. Ken Rotman, 416/925-9270 ext. 252 |
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