VANCOUVER, May 14, 2014 /CNW/ - CWAL Investments Ltd. ("CWAL"), a private company owned by Harlow Burrows, Gordon Christoff and Randy Ryzak, announced today that it has extended the expiry time of its offer (the "Offer") to acquire all of the common shares ("Common Shares") of Coast Wholesale Appliances Inc. ("Coast") (TSX: CWA) to 4:00 pm (Toronto time) on June 4, 2014.
As of today's date, 3,015,775 Common Shares had been validly tendered to the Offer, representing over 99% of the number of Common Shares necessary to meet the minimum tender condition of the Offer.
As previously disclosed, Coast and CWAL have agreed that upon the minimum tender condition of the Offer being satisfied, Coast will conditionally waive the application of its shareholder rights plan to permit CWAL to take up such Common Shares tendered. Based on the number of Common Shares tendered as of today's date, only approximately 16,600 additional Common Shares must be tendered and not withdrawn to satisfy the minimum tender condition and permit CWAL to take up all Common Shares tendered.
The details of the extension of the expiry time of the Offer will be set out in a notice of variation to be mailed to Coast's shareholders and filed with securities regulatory authorities within the next few days.
Harlow Burrows, the President of CWAL, stated "CWAL is pleased that so many Coast shareholders have tendered to the Offer, and with a number of Common Shares that represents almost all the number necessary to meet the minimum tender condition. We encourage all remaining shareholders to tender in advance of the June 4, 2014 extended expiry time by depositing their Common Shares in accordance with the instructions to be set forth in CWAL's notice of variation."
SOURCE: CWAL Investments Ltd.