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COMPLETION OF CAMPEAU RESTRUCTURING PLAN CREATES CAMDEV CORPORATION

 COMPLETION OF CAMPEAU RESTRUCTURING PLAN CREATES CAMDEV CORPORATION
 TORONTO, Feb. 11 /PRNewswire/ -- Camdev Corporation today announced that the financial restructuring plan of arrangement of Campeau Corporation has been completed with the issuance by the Ontario Ministry of Consumer and Commercial Relations of a certificate of arrangement.
 The outstanding ordinary and preference shares and subordinated debentures of Campeau Corporation will continue to trade through the close of trading on Thursday, Feb. 13. Effective Friday, Feb. 14, the Toronto and Montreal stock exchanges will begin trading in the new common shares of Camdev Corporation. Camdev will retain the stock trading symbol of CMP on the Toronto and Montreal stock exchanges.
 R-M Trust Company, the transfer agent and registrar for the corporation's securities, will be issuing letters of transmittal within three business days to all registered holders of the securities for the exchange of all of the issued ordinary shares, preference shares, and subordinated debentures for the new common shares of Camdev Corporation.
 As previously announced, implementation of the plan of arrangement results in the issuance of 6,353,120 new common shares in Camdev Corporation. When pre-existing debt and equity become new common shares, the established ratios effectively consolidate the Campeau Corporation's share capital.
 Based on the final calculations of amounts determined on the adjustment date of Jan. 25, 1992, under the plan, the holders of the senior unsecured debt will receive 12.159 new common shares for each $1,000 of indebtedness.
 The two classes of subordinated debentureholders will receive 4.227 new common shares for each $1,000 of indebtedness.
 Preference shares will be exchanged for new common shares at a rate of one new common share for each 25 preference shares. This amounts to a total of 384,054 new common shares.
 The holders of ordinary shares will receive one new common share for each 50 ordinary shares for a total of 886,570 new common shares.
 -0- 2/11/92
 /CONTACT: Richard W. Wertheim of Wertheim Howe & Company Inc., 416-594-1600, or at home, 416-276-6612, for Camdev/Campeau/
 (CMP.) CO: Camdev Corporation; Campeau Corporation ST: Ontario IN: REA SU: RCN


JT -- NY083 -- 9015 02/11/92 18:16 EST
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Publication:PR Newswire
Date:Feb 11, 1992
Words:360
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