KITCHENER, ON, Dec. 10 /CNW/ - The Griffin Corporation (TSX Venture
Exchange "GRN") ("Griffin" or the "Company") announced today that its Board of
Directors has reached an agreement with the Company's principal shareholder
and Chief Executive Officer in connection with a going private transaction.
The proposed transaction is contemplated to be completed by way of plan
of arrangement between Griffin and Zayma Realty Holdings Inc. ("Zayma"), a
corporation controlled by Griffin's Chief Executive Officer and his immediate
The Company has fixed January 11, 2008 as the date for a special meeting
of its shareholders to consider the proposed transaction. The record date for
the notice of and voting at the special meeting is December 10, 2007. In order
for the transaction to proceed, it will need, among other things, to be
approved by a majority of the minority shareholders of Griffin. The Company
anticipates finalizing its management information circular in respect of the
proposed transaction over the next few days, with an anticipated mailing date
of December 17, 2007.
Pursuant to the proposed transaction, holders of common shares of Griffin
(other than Zayma and other shareholders over which Griffin's Chief Executive
Officer exercises control or direction) will receive $0.08 for each common
share of Griffin held. Furthermore, in connection with the proposed
transaction, Deloitte and Touche LLP has provided an independent valuation,
prepared in accordance with Ontario Securities Commission Rule 61-501, as well
as a fairness opinion.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Irwin W. Pasternak at (519) 744-4400, visit
Griffin's website at www.griffincorporation.com, or by mail at 73 King Street
West, 2nd Floor, Kitchener, ON, N2G 1A7