MILWAUKEE, WI, July 1, 2013 /CNW Telbec/ - Decision Insight Information Group, including its parent company, Property Data Holdings, Ltd. ("PDH"), today announced that it has signed a definitive agreement to sell, among other assets, all of its indirect ownership interest in 61,404,748 common shares ("Common Shares") in the capital of Symbility Solutions Inc. ("Symbility") (TSX-V: SY) to a subsidiary of CoreLogic, Inc. ("CoreLogic"), by private trade. The purchase price attributable to the Symbility Common Shares is CDN$24,976,381.24 payable in cash at closing, representing an amount of CDN$0.40675 per Common Share. The sale of the Symbility Common Shares is part of the proposed transaction announced today by CoreLogic, pursuant to which CoreLogic will acquire the Decision Insight Information Group's Marshall & Swift/Boeckh and DataQuick Information Systems businesses (the "Proposed Transaction"). The Proposed Transaction, of which the sale of Common Shares of Symbility forms a part, is subject to certain customary conditions (including approval under US competition laws) and is expected to close in the third quarter of 2013.
PDH currently exercises control or direction over 61,404,748 Common Shares of Symbility, or approximately 29.46% of the issued and outstanding Common Shares of Symbility. CoreLogic currently owns no Common Shares of Symbility, and exercises no control or direction over Symbility. Upon consummation of the Proposed Transaction, CoreLogic will purchase and exercise control and direction over 61,404,748 Common Shares of Symbility and PDH and the Decision Insight Information Group will retain no further interest. CoreLogic has no current plans or expectations with respect to purchasing additional Common Shares of Symbility.
The agreement to sell the Common Shares of Symbility was made pursuant to the private agreement take-over bid exemption in Section 4.2 of Multilateral Instrument 62-104 Take-over Bids and Issuer Bids and in compliance with the requirements thereof.
This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. This press release is not an admission that CoreLogic owns or controls any securities of Symbility, or is joint actor, with another entity.
About Decision Insight Information Group
Decision Insight Information Group, located in the U.S., Canada and Europe, delivers a comprehensive range of information, infrastructure and decision support products and services for financial and legal professionals. Operating at the heart of the property industry, Decision Insight Information Group manages complex information solutions and provides clarity on decision making for buying, selling, conveyancing, financing and insurance. Decision Insight Information Group has 1,100 employees in 16 offices. For more information, visit www.decisioninsightgroup.com.
SOURCE: Symbilty Solutions Inc.
For further information:
Property Data Holdings, Ltd.
c/o Maples Corporate Services Limited
PO Box 309, Ugland House
Grand Cayman, Country Cayman Islands
40 Pacifica, Irvine