EDMONTON, March 6, 2015 /CNW/ - Carfinco Financial Group Inc. ("Carfinco") (TSX: CFN) announces today the successful completion of the previously announced acquisition of Carfinco by Santander Holding Canada Inc. ("Acquireco"), a wholly-owned subsidiary of Banco Santander, S.A. ("Santander") (CATS: SAN, NYSE: SAN, BATS-CHIXE: SANE) by way of plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, Acquireco has acquired ownership of all issued and outstanding common shares of Carfinco (the "Carfinco Shares") at a price of $11.25 per Carfinco Share.
The Carfinco Shares are expected to be delisted from the Toronto Stock Exchange following the close of trading on March 9, 2015.
Registered holders (the "Carfinco Shareholders") of Carfinco Shares must submit the share certificates representing their Carfinco Shares and complete, execute and submit the Letter of Transmittal sent to Carfinco Shareholders with other materials for the special meeting of Carfinco Shareholders held on November 7, 2014 in order to receive the consideration to which they are entitled under the Arrangement. If Carfinco Shareholders have not yet submitted their share certificates and Letters of Transmittal, they are encouraged to do so as soon as possible.
About Carfinco Financial Group Inc.
Carfinco focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer Carfinco's payment plans to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
SOURCE Carfinco Financial Group Inc.
For further information: Mr. Tracy A. Graf, CEO & Director of Carfinco Financial Group Inc., Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: firstname.lastname@example.org, Web site: www.carfinco.com