MONTREAL, June 8 /CNW Telbec/ - MCB Equity Fund Ltd. ("MCBEF") is pleased
to announce that it acquired on June 2, 2009, 1,345,540 units of Intercable
ICH Inc. ("ICH") at a price of $0.35 per unit, for a total subscription price
of $470,939 at the closing of ICH's private placement. Each unit is comprised
of one common share of ICH and one common share purchase warrant. Each warrant
entitles the holder to purchase one additional common share of ICH at an
exercise price of $1.50 until April 4, 2010. The units were issued by ICH
pursuant to a subscription agreement dated May 29, 2009.
As a result of this subscription, MCBEF holds 5,211,790 common shares and
5,211,790 common share purchase warrants of ICH, representing approximately
17.82% of the issued and outstanding common shares and approximately 17.82% of
the issued and outstanding common share purchase warrants of ICH.
MCBEF and Commercial Holding Company Ltd. ("CHL"), a joint actor of
MCBEF, have control over 7,296,506 common shares of ICH, representing
approximately 24.95% of the issued and outstanding common shares of ICH as at
June 2, 2009 and 7,296,506 common share purchase warrants, representing
approximately 24.95% of the issued and outstanding common share purchase
warrants of ICH as at June 2, 2009.
In the event that all of the warrants held by MCBEF and CHL are
exercised, these holdings would represent approximately 39.94% of the total
issued and outstanding common shares of ICH as of June 2, 2009, calculated on
a partially-diluted basis assuming the exercise of all warrants held by MCBEF
and CHL only.
The common shares and warrants were acquired by MCBEF for investment
purposes only. MCBEF may increase or decrease its investment in ICH depending
on market conditions or other relevant factors.
MCBEF is an investment fund registered in the Republic of Mauritius with
a capital of Mauritius Rupees 1,758,225,810 (or the equivalent of US$ 53
million) as at 31 March 2009, with a targeted committed capital of Mauritius
Rupees three billion (or the equivalent of US$ 91 million). MCBEF's mission is
to achieve long term capital growth and income for the benefit of its
investor, The Mauritius Commercial Bank Ltd., a company listed on the Stock
Exchange of Mauritius, through a diversified portfolio of primarily equity and
equity-related investments mostly in private sector companies that have a
demonstrable potential for above average growth and profitability in and
For further information:
For further information: Ziyad Bundhun, Managing Director, MCB Capital
Partners Ltd., +202 5014, firstname.lastname@example.org