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NHI NELSON HOLDINGS INTERNATIONAL LTD. EXCHANGES COMMON SHARES

 TORONTO, June 14 /PRNewswire/ -- NHI Nelson Holdings International Ltd. (NNH) announced today that, in connection with the proposed amalgamation of Cinram Ltd., Nelson Vending Technology Limited and Nelson Videovend Ltd., NHI will exchange its common shares of NVT for 32,892 shares of the amalgamated corporation, valued at approximately $411,150 based upon the closing price of common shares of Cinram on The Toronto Stock Exchange on June 11, 1993 and assuming that the common shares of Cinram are split on a two-for-one basis prior to the amalgamation.
 In addition, NHI has agreed to settle the contingent receivable owing to it by NVT in the amount of $4,567,651 for $1,550,000 of which $1,000,000 will be paid in cash and the balance by the issuance of common shares of Cinram valued at $550,000. NHI has forgiven the balance of the contingent receivable in the amount of $3,019,592. NHI has pledged one-half of such Cinram common shares to Cinram as security for certain obligations of NHI to Cinram, and will place such Cinram common shares in escrow for a maximum of two years.
 In connection with these transactions, 1005706 Ontario Inc. (which purchased certain of NHI's common shares of NVT in December, 1992) has agreed to release all of its rights to purchase 12,000,000 of the 18,103,509 common shares of NVT which 1005706 has a right to purchase from NHI pursuant to a call agreement dated Dec. 18, 1992 between 1005706 and NHI. NHI has agreed to vote all of the common shares of NVT held by it in favor of the amalgamation.
 -0- 6/14/93
 /CONTACT: Malcolm Reeve, president of NHI, 310-285-6115/


CO: NHI Nelson Holdings International Ltd., Cinram Ltd. ST: Ontario IN: SU: FNC

LD -- NY122 -- 1895 06/14/93 22:59 EDT
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Publication:PR Newswire
Date:Jun 14, 1993
Words:307
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