VANCOUVER, June 4, 2014 /CNW/ - CWAL Investments Ltd. ("CWAL"), a private company owned by Harlow Burrows, Gordon Christoff and Randy Ryzak, announced today that the minimum tender condition to its offer (the "Offer") to acquire all of the common shares ("Common Shares") of Coast Wholesale Appliances Inc. ("Coast") (TSX: CWA) has been satisfied, and that Coast has waived the application of Coast's shareholder rights plan to the Offer.
Accordingly, CWAL has instructed the depositary under the offer to cause the 3,319,805 Common Shares tendered to be taken up. CWAL will pay for the Common Shares taken up no later than Monday, June 9, 2014, being the third business day after the Common Shares are taken up. The Offer will be extended to 4:00 p.m. Toronto time on June 20, 2014 to allow remaining Coast shareholders to tender their Common Shares.
The details of the extension of the expiry time of the Offer will be set out in a notice of variation to be mailed to Coast's shareholders and filed with securities regulatory authorities within the next few days.
Harlow Burrows, the President of CWAL, stated "CWAL is pleased that our offer to acquire the Common Shares has been successful. We encourage all remaining shareholders to tender in advance of the June 20, 2014 extended expiry time by depositing their Common Shares in accordance with the instructions to be set forth in CWAL's notice of variation."
SOURCE: CWAL Investments Ltd.