TORONTO, Aug. 19 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the
"Company") (TSX:JFC) today announced its intention to make an all cash offer
(the "Offer") to acquire up to 31,620,495 of the issued common shares
("Shares") of Royal Laser Corp. ("Royal Laser") at a cash price of $0.80 per
Share which, when taken together with the Shares already owned by Jaguar,
constitutes at least 50% of the Shares plus one Share. The Shares trade on the
Toronto Stock Exchange under the symbol "RLC". Jaguar owns 17,823,000 Shares
representing approximately 18% of the total issued Shares.
The Offer will represent a premium of approximately 26% to the volume
weighted average trading price of the Shares on the TSX for the twenty day
period ended August 18, 2008, which was $0.63.
The Offer will be conditional on, among other things, the deposit of that
number of Shares which, when taken together with the Shares already owned by
Jaguar, constitutes at least 50% of the Shares plus one Share. Jaguar has
arranged a credit facility of $25,000,000 which, together with Jaguar's other
available resources, will be relied upon to take up and pay for Shares
deposited and not withdrawn under the Offer.
The purpose of the Offer is to acquire control of Royal Laser. If the
Offer is completed, Jaguar intends to appoint several nominees of Jaguar to
the Royal Laser Board of Directors such that the Jaguar nominees would
represent a majority of the Board. Jaguar may, depending on market and other
conditions, acquire additional common shares of Royal Laser, through market
transactions, private agreement or otherwise, subject to applicable securities
laws. Jaguar may, depending on market or other conditions, sell any or all of
its common shares of Royal Laser.
Jaguar has requested a shareholders list from Royal Laser and, when
received, Jaguar will send the Offer documents to the shareholders of Royal
Laser. Jaguar intends to commence the Offer on or about August 29, 2008, at
which time the Offer documents are expected to be filed with applicable
securities regulatory authorities and copies will be delivered to Royal Laser.
Copies of the Offer documents will also be available on SEDAR at
Jaguar also owns 22.6% of the common shares of Added Capital Corp.
(TSX-V:LS), which wholly owns Lakeside Steel Corporation ("Lakeside"), a
diversified steel pipe and tubing manufacturer located in Welland, Ontario. As
previously disclosed, Jaguar believes there may be strategic opportunities
between Royal Laser and Lakeside, including the possibility of a business
combination between the two companies.
Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This press release may contain
forward-looking statements with respect to the Company, its operations,
strategy, financial performance and condition. These statements generally can
be identified by use of forward looking words such as "may", "will", "expect",
"estimate", "anticipate", intends", "believe" or "continue" or the negative
thereof or similar variations. The actual results and performance of the
Company discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market factors,
and competition. The cautionary statements qualify all forward-looking
statements attributable to the Company and persons acting on their behalf.
Unless otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update such
For further information:
For further information: on this press release, please contact: Kyler
Wells, General Counsel and Corporate Secretary, (416) 644-8177