The South East Asia Plantation Corp. Limited - share sale by private placement.TORONTO--(BUSINESS WIRE)--Sept. 6, 1995--The South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. Plantation Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. Corporation Limited ("SEAP SEAP Science and Engineering Apprentice Program SEAP Special Education Advisory Panel SEAP Sistemul Electronic de Achizitii Publice (Electronical System for Public Procurement) SEAP Security Equipment Assessment Panel ") announced today that it has sold 21,681,084 common shares of The Ondaatje Corporation (the "Company"), representing approximately 38.2 per cent of the issued and outstanding common shares of the Company, to Physicians Insurance Company of Ohio, a U.S.-based investment company with interests in fund management, insurance, real estate and technology. The sale was completed by private agreement at a price of $2.10 per common share. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has approved the acquisition. In June of 1992, SEAP purchased a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the Company (formerly Loewen, Ondaatje, McCutcheon Inc.) at a time when the Company required new direction and re-capitalization. Since that time the Company's net book value has increased from approximately $30 million to $126 million. Christopher Ondaatje Sir Philip Christopher Ondaatje, OC, CBE, (born February 22, 1933) is a Sri Lankan-Canadian businessman, philanthropist, adventurer, writer and Olympian. As of 2007 he lives in Canada. , President of SEAP stated: "The decision to hand over responsibility and effective control of the Company to Physicians Insurance Company of Ohio is consistent with realizing the objectives of the Company and first and foremost with enhancing shareholder value. "I may have been the best leader for the Company two and a half years ago when it was in trouble, but it is in great financial shape now and it is time to hand the baton over to a new and powerful management group who have not only an ambitious international investment objective but also a significant ownership in the Company. I believe this transaction to be the right move at the right time and very much in the best interests of both the shareholders and the Company." CONTACT: The South East Asia Plantation Corp. Ltd. Christopher Ondaatje, 416/925-3555, Fax: 416/925-5633 |
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