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GE CAPITAL CANADA ANNOUNCES AGREEMENT WITH HAMILTON GROUP AND YORKVALE

 TORONTO, May 6 /PRNewswire/ -- The Hamilton Group Limited, Yorkvale Limited and General Electric Capital Canada Inc. jointly announced today that GE Capital Canada, a subsidiary of General Electric Capital Corporation, has agreed with Hamilton Group and Yorkvale Limited, the largest single shareholder of Hamilton Group, to make a cash take-over bid to shareholders for all of the outstanding Class A convertible shares and Class B convertible shares of Hamilton Group.
 The purchase price for the shares of Hamilton Group will be paid in cash at $13.75 for each Class A and Class B convertible share of Hamilton Group.
 The board of directors of Hamilton Group has indicated that it intends to recommend that holders of Hamilton Group shares accept the offer made by GE Capital Canada.
 GE Capital Canada has indicated that it intends to retain the current Hamilton Group management and employees and that Hamilton Group will remain a separate autonomous operating division in Canada.
 It is expected that a take-over bid circular will be mailed to shareholders of Hamilton Group on or before May 10, 1993. The obligation of GE Capital Canada to take-up and pay for shares deposited under the bid will be conditional upon 70 percent of the Class A convertible shares and 70 percent of the Class B convertible shares of Hamilton Group being deposited and will be conditional upon, among other things, regulatory and other approvals.
 Yorkvale Limited which holds 1,070,091 Class A convertible shares of Hamilton Group (approximately 38.76 percent of the outstanding Class A and Class B convertible shares of Hamilton Group on a fully diluted basis) has agreed to deposit its shares under the bid and to otherwise support the transaction. GE Capital Canada does not presently own or control, or exercise direction over, any shares of Hamilton Group.
 The agreement with GE Capital Canada culminates a process that was commenced by Hamilton Group to review various options available to the company. The board of directors of Hamilton Group retained Lancaster Financial Corp. as its financial advisor in this process.
 Hamilton Group is a public company whose shares are listed on the Toronto Stock Exchange. It is engaged in the sale, leasing, rental, and service of new and reconditioned computer equipment.
 GE Capital USA, headquartered in Stamford, Conn., a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company with assets exceeding $92 billion. GE Capital USA's activities include specialty insurance, consumer services, specialized financing, equipment management and mid-market financing. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 5/6/93
 /CONTACT: Paul Jacot, 416-858-5678, or Pat Yoder, 203-357-3965, both of GE Capital Canada; or Bill Young, president, or Perry Monych, vice president-finance, both of Hamilton Group, 416-568-4111/
 (GE)


CO: GE Capital Canada Inc.; Hamilton Group Limited ST: Ontario IN: SU: TNM

PS-CK -- NY065 -- 5507 05/06/93 13:31 EDT
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Publication:PR Newswire
Date:May 6, 1993
Words:484
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