VANCOUVER, April 30, 2014 /CNW/ - CWAL Investments Ltd. ("CWAL"), a
private company owned by Harlow Burrows, Gordon Christoff and Randy
Ryzak, announced today that it has extended the expiry time of its
offer (the "Offer") to acquire all of the common shares ("Common
Shares") of Coast Wholesale Appliances Inc. ("Coast") (TSX: CWA) to
4:00 pm (Toronto time) on May 14, 2014. As of today's date,
approximately 2,691,000 Common Shares had been validly tendered to the
Offer, representing approximately 89% of the number of Common Shares
necessary to meet the minimum tender condition of the Offer.
As previously disclosed, Coast and CWAL have agreed that upon the
minimum tender condition of the Offer being satisfied, Coast will
conditionally waive the application of its shareholder rights plan to
permit CWAL to take up such Common Shares tendered. Based on the
number of Common Shares tendered as of today's date, approximately
342,000 additional Common Shares must be tendered and not withdrawn to
satisfy the minimum tender condition and permit CWAL to take up all
Common Shares tendered.
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 so
many Coast shareholders have tendered to the Offer, and with a number
of Common Shares that represents almost 90% of the number necessary to
meet the minimum tender condition. We encourage all remaining
shareholders to tender in advance of the May 14, 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.