VANCOUVER, April 16 /CNW/ - Coopers Park Corporation (the "Corporation")
today announced that its shareholders (the "Shareholders") have approved the
previously announced stock consolidation. The consolidation ratio, as
approved, is on the basis of one new Voting Share for each 40 old Voting
Shares and one new Non-Voting Share for each 40 old Non-Voting Shares. As a
result of the consolidation, there are 846,947 Voting Shares and 80,141,453
Non-Voting Shares of the Corporation outstanding.
The Corporation also announced that it expects to file all of the
material required for its listing on the TSX Venture Exchange by the end of
Upon the stock consolidation on the basis of 1:40 of the Voting Shares
and Non-Voting Shares of the Corporation, the "en-bloc" market value of each
Voting and Non-Voting Share at December 31, 2006 would be $1.21 per share. The
amount of the "en-bloc" market value of each Voting and Non-Voting Share
reflects the net market value of the assets of the Corporation if the
properties under development of the Corporation were recorded at their net
market value at December 31, 2006 and the Corporation completed, on that date,
the purchase of two development sites (the "Properties") that the Corporation
has agreed to purchase. The market value of the Properties, as at December 31,
2006, was determined by an appraisal (the "Appraisal"), dated February 28,
2007, by Altus Helyer, a Division of Altus Group Limited. The Appraisal is
available for viewing at www.sedar.com.
The Corporation makes no representation of the amounts at which the
Voting and Non-Voting Shares of the Corporation may trade. The "en-bloc"
market value is based upon the Appraisal. The "en-bloc" market value is not a
forecast or projection of future results. The actual value of the Voting and
Non-Voting Shares will vary from the "en-bloc" market value and such variation
may be material.
Shareholders will soon receive a Letter of Transmittal providing a form
and instructions for having their share certificates of the Corporation
tendered to the Corporation's transfer agent, Computershare Investor Services
Inc., and exchanged for certificates of the Corporation that reflect the
Coopers Park Corporation is in the business of the acquisition,
development and marketing of residential condominium properties and investment
in early stage information technology companies.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dennis Au-Yeung, Vice President, Chief
Financial Officer and Corporate Secretary, Telephone: (416) 813-1012