ClubLink Sells Real Estate Lands For $10.5 Million.Business Editors KING CITY, Ontario--(BUSINESS WIRE)--Dec. 6, 2000 Canadian Country Club Communities to Develop Lifestyle Housing at King Valley, Glen Abbey, Emerald Hills Emerald Hill may refer to:
ClubLink Corporation ("ClubLink") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :LNK LNK Love and Kisses LNK Lincoln, NE, USA - Municipal Airport (Airport Code) LNK Laisvas Nepriklausomas Kanalas (Lithuanian TV) LNK Linkcentre (website) .) is pleased to announce it has entered into agreements of purchase and sale totaling $10.5 million with Canadian Country Club Communities Ltd. ("Country Club") of Toronto to purchase parcels of surplus residential land at four of its Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. golf courses. These agreements will close upon receipt of regulatory approvals and severance of the respective parcels. In addition to the sale proceeds, ClubLink is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to 25 per cent of the net profits from King Valley sales, and in connection with the sale of ClubLink's 50% interest in the Emerald Hills residential land, ClubLink receives 500,000 warrants to purchase Country Club common shares at $1.50 per share. These warrants expire at the earlier of: (i) 12 months after the common shares are listed on a stock exchange, or (ii) 18 months after closing of the Emerald Hills transaction. As part of the agreement, ClubLink has subscribed for $1.25 million worth of Country Club common shares, representing approximately 5% of the company's outstanding shares. Included in the purchase and sale agreements are 22 acres at King Valley Golf Club in the Township township: see town. of King, 8 acres at Glen Abbey Golf Club in Oakville, 20 acres at Emerald Hills Golf Club in Whitchurch-Stouffville, and 112 acres at Georgetown Golf Club. Country Club plans to develop 55 homes at King Valley, 30 homes at Glen Abbey, 80 homes at Emerald Hills and an undetermined number at Georgetown. Mr. Bruce S Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. . Simmonds, ClubLink President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are pleased to enter into these agreements with Canadian Country Club Communities, which allow ClubLink to realize the value of its surplus residential land at four of its Greater Toronto Area golf courses. These transactions transfer the cost and risk of land development to Canadian Country Club Communities while ClubLink remains focused on its core golf business." Bill Daniell, President of Canadian Country Club Communities Ltd., said: "Our strategic alliance with ClubLink is one of the foundation blocks we have put in place to establish Canadian Country Club Communities Ltd. as the dominant developer of golf and lifestyle communities in Canada. We look forward to launching our unique communities with these prestigious ClubLink properties." Canadian Country Club Communities Ltd. is a private company that has associations with leading developers and house builders, including The Kaitlin Real Estate Group of Toronto, one of the Greater Toronto Area's most distinguished developers and homebuilders. During the year, ClubLink has completed the sale of four surplus parcels of land adjacent to its Rocky Crest and Lake Joseph Club golf resort properties for aggregate net cash proceeds of $5.3 million. On September 29, 2000, ClubLink announced a normal course issuer bid to purchase up to 1,040,541 common shares of ClubLink commencing October 5, 2000. As of December 5, 2000, ClubLink has repurchased for cancellation 303,100 shares under this plan for an aggregate purchase price of $2,002,000 including commission or $6.60 per share. On August 3, 2000, ClubLink announced a normal course issuer bid to purchase up to $8,445,000 principal amount of its outstanding 6% convertible unsecured subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before commencing August 8, 2000. As of December 5, 2000, ClubLink has repurchased for cancellation $1,602,000 principal amount of debentures under this plan for an aggregate purchase price of $1,072,000 including commission or $66.95 per $100 principal amount of debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. . ClubLink Corporation is Canada's largest owner, operator and developer of high quality Member Golf Clubs, Daily Fee Golf Clubs and Golf Resorts that feature golf as their key amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. . ClubLink Corporation 15675 Dufferin Street King City, Ontario, L7B 1K5 Telephone: (905) 841-3730 Facsimile: (905) 841-1134 Web Site: www.clublink.ca |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion