TORONTO, Feb. 17 /CNW/ - Mr. Donald K. Jackson today provided an update
on his investment in Vector Aerospace Corporation ("Vector"). Vector is listed
on the Toronto Stock Exchange under the trading symbol "RNO".
On December 20, 2005, Mr. Jackson agreed to acquire 4,340,072 common
shares of Vector from Mark Dobbin, Killick Capital Inc. ("Dobbin-Killick") and
certain other vendors through GMP Securities L.P. ("GMP"), for a price of
$4.07 per share.
On September 16, 2008, an Ontario Superior Court of Justice decision
determined that IMP Group Limited ("IMP") had an adverse claim against a
portion of the Vector common shares Dobbin-Killick purported to sell to Mr.
Jackson through GMP in December of 2005, and such Vector common shares were
transferred to IMP.
In order to fulfill the legally binding obligation between Mr. Jackson
and GMP from December of 2005, GMP has agreed to transfer 2,000,000 Vector
common shares (to which no adverse claim is attached) to Mr. Jackson at a
price of $4.07 per common share in accordance with the requirements of
Subsection 78(4) of the Ontario Business Corporations Act, R.S. O. 1990
Following this transaction, Mr. Jackson owns 3,365,722 common shares of
Vector which, together with the 575,000 common shares of Vector owned by
Parkview Capital Partners Inc. ("PCPI"), a corporation controlled by Mr.
Jackson, and options to acquire 324,500 common shares of Vector held by Mr.
Jackson (for a total of 3,940,722 common shares and 324,500 options),
represents approximately 11.21% of the issued and outstanding common shares of
Vector, calculated on a partially-diluted basis.
The common shares were acquired for investment purposes. Neither Mr.
Jackson nor PCPI has any current intention of acquiring ownership of or
control or direction over any additional Vector common shares. Mr. Jackson
and/or PCPI may, in the future, acquire additional common shares of Vector in
the market, pursuant to private transactions or otherwise or may sell all or
some portion of the common shares of Vector they own.
For further information:
For further information: and a copy of the early warning report with
additional details, please contact: Donald K. Jackson, 105 Bedford Road,
Toronto, Ontario, M5R 2K4, Phone: (416) 947-0123