QUEBEC CITY, June 29 /CNW Telbec/ - The Macyro Group Inc. ("Macyro")
(TSX:MYO) announces that RED Holdings Group, Inc. ("RED") has completed its
acquisition of all of the issued and outstanding common shares of Macyro (the
"Shares") by way of a merger (the "Transaction") following the approval of the
Transaction at a special meeting of the shareholders of Macyro held on June
Under the terms of the Transaction, the shareholders of Macyro have
received, for each Share held, one redeemable preferred share of the entity
resulting from the merger of Macyro and a sole purpose corporation created by
RED. Such preferred share will in turn automatically be redeemed for a cash
consideration of CDN$1.77 per Share (the "Cash Payment"), representing a
premium of approximately 27% to the book value of the Shares as at January 31,
Shareholders of Macyro are reminded that in order to receive the Cash
Payment, they must remit to Computershare Investor Services Inc.
("Computershare") a duly executed copy of the Letter of Transmittal previously
mailed to them by Macyro, together with the certificates representing their
Shares. Additional copies of the Letter of Transmittal are available from
Macyro or Computershare, upon request.
It is anticipated that following the closing of the Transaction, an
application will be filed with the Toronto Stock Exchange to have the Shares
delisted. An application will also be filed with each of the securities
regulatory authorities in the provinces of Ontario and Quebec to have the
reporting issuer status of the merged entity resulting from the Transaction
revoked in each such province.
The Macyro Group Inc. is in the business of the manufacturing and
installation of aluminium curtain walls, panels, windows and doors for use in
commercial and residential construction.
RED Holdings Group, Inc. is a Florida-based investment company controlled
by Edward W. Easton Family, Ltd. and a group of shareholders led by Elliot
FORWARD LOOKING STATEMENTS
Statements contained herein that are not based on historical or current
fact, including without limitation statements containing the words
"anticipates", "believes", "may", "continue", "estimate", "expects", and
"will" and words of similar import, constitute "forward-looking statements".
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause the actual results, events or developments to
be materially different from any future results, events or developments
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, both
nationally and in the regions in which Macyro operates; changes in business
strategy or development/acquisition plans; environmental exposure; financing
risk; existing governmental regulations and changes in, or the failure to
comply with, governmental regulations; liability and other claims asserted
against Macyro; and other factors referenced in Macyro's filings with Canadian
securities regulators. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Macyro does not
assume the obligation to update or revise any forward-looking statements.
For further information:
For further information: Kevin McCrann, The Macyro Group Inc., (613)
237-7075; Colleen M. Castille, RED Holdings Group, Inc., (850) 386-5508