HALIFAX, Sept. 17 /CNW/ - I.M.P. Group Limited ("I.M.P. Group") announced
that the Ontario Superior Court of Justice has determined that I.M.P. Group is
entitled to an order of specific performance to transfer to I.M.P. Group
2,974,350 common shares of Vector Aerospace Corporation ("Vector"),
representing approximately 7.9% of the issued and outstanding common shares of
Vector, at a price of $4.00 per share. The shares which are to be transferred
are currently held by Donald K. Jackson, which Jackson acquired from Mark
Dobbin and/or Killick Capital Inc. The Court's determination was included in
the reasons for judgment in the action bearing Ontario Superior Court of
Justice Commercial List File No. 07-CL-7062 (commenced as Court File No.
05-CV-303149PD1). I.M.P. Group is relying on the exemption from the formal bid
requirements applicable to take-over bids set forth in section 100.1(1) of the
Securities Act (Ontario) and similar provisions under applicable securities
After giving effect to the acquisition, I.M.P. Group will own 14,054,214
common shares of Vector, representing 37.3% of the outstanding common shares
(14,104,214 common shares or approximately 37.4% of the outstanding common
shares when common shares deemed to be beneficially owned by I.M.P. Group are
included. I.M.P. Group is deemed to own 50,000 common shares of Vector
issuable pursuant to options owned by Kenneth C. Rowe).
The acquisition of the additional common shares of Vector by I.M.P. Group
will be an "Exempt Acquisition" under the amended and restated shareholder
protection rights plan agreement between Vector and Computershare Investor
Services Inc., dated as of March 24, 2006 and therefore will not trigger
"Rights" under that agreement.
The purchase will be made by I.M.P. Group for investment purposes.
Subject to applicable regulatory requirements, I.M.P. Group may in the future
acquire additional common shares of Vector, dispose of all or any portion of
its common shares of Vector or enter into derivative or other transactions
with respect to such shares.
For further information:
For further information: The address for I.M.P. Group Limited is: Suite
400, 2651 Joseph Howe Drive, Halifax, Nova Scotia, B3L 4T1