Clublink Announces Sale Of $4.2 Million Golfnorth Debenture.Business Editors KING CITY, Ontario--(BUSINESS WIRE)--Jan. 18, 2001 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) .TO) announced today that it has received $4,229,000 in consideration of the sale of the GolfNorth Properties Inc. Debenture it acquired in March, 2000 and that, in connection with the sale of the Debenture, ClubLink and GolfNorth have terminated their strategic alliance. The Debenture was originally acquired in consideration of the sale to GolfNorth of the 9-hole Canterbury Common Golf Club, the execution by ClubLink of certain agreements which gave effect to the strategic alliance and $1,329,000 in cash.m ClubLink also agreed to assign to the purchaser of the Debenture the option it held to acquire all of the shares of GolfNorth held by Al Kavanagh, GolfNorth's founder and President. 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, 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. of ClubLink, said: "GolfNorth remains a strong operator and we believe will continue to do well in the mid-range daily-fee golf market in Southern Ontario.m However, after a full season of operation, we feel that ClubLink will not recognize, in the longer term, the operating synergies or benefit from the broader market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" to the extent we had originally hoped would result from this alliance. Accordingly, when GolfNorth approached us with an opportunity to sell our Debenture for cash in connection with its recently announced recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and to terminate the strategic alliance, we were prepared to do so." 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 January 17, 2001, ClubLink has repurchased for cancellation 488,075 shares for an aggregate purchase price of $3,098,000 including commission or $6.35 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 January 17, 2001, ClubLink has repurchased for cancellation $1,847,000 principal amount of debentures for an aggregate purchase price of $1,231,000 including commission or $66.65 per $100 principal amount of debenture. ClubLink is Canada's largest owner, operator and developer of high-quality Member Golf Clubs, Daily Fee Golf Clubs and Resorts that feature golf as their key amenity. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion