NEX Symbol: COF.H
TORONTO, Feb. 2, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") announced today that it has recovered the amounts owing to it by certain companies owned by Dean Tai.
Previously, the Company disclosed that loans totalling approximately $1.62 million as at December 31, 2011 and owed to Coventree by certain companies owned by Dean Tai were in default and that, in order to recover the amounts owing, the Board of Directors had authorized the sale in the market of the 500,000 shares of Coventree pledged by those companies as security for those loans. That sale has now been completed. Approximately 456,000 shares were sold in the market at an average price of approximately $3.89 per share. As a result, the Company has recovered the amounts owing in respect of the loans in default.
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