MONTRÉAL, Dec. 22, 2014 /CNW Telbec/ - La Caisse de dépôt et placement du Québec ("La Caisse") announced today that it has acquired on the Toronto Stock Exchange ownership of 2,334,188 common shares of NAPEC Inc. (formerly CVTech Group Inc.) (the "Corporation") (TSX: NPC), at a price of $0.86 per share.
The Corporation, whose head office is located in Drummondville, provides services to public utility and heavy industrial markets, primarily in Québec, Ontario and eastern United States.
The Corporation and its subsidiaries build and maintain electrical transmission and distribution grids, as well as networks for natural gas utilities. In addition, the Corporation installs gas-powered and electric-powered heavy equipment.
"We believe the existing and future clients of NAPEC Inc. are beginning an important investment cycle that will be spread out over several years," said Martin Garand, Investment Director at La Caisse. "NAPEC Inc. will have the opportunity to participate in this investment cycle, and for a long-term investor like La Caisse, this is an interesting prospect."
Before this acquisition, La Caisse held 6,360,500 common shares of the Corporation, or 8.89% of the common shares outstanding.
Following this acquisition, La Caisse now owns 8,694,688 common shares of the Corporation or 12.15% of the common shares outstanding.
La Caisse may increase or decrease its investment of the Corporation based on market conditions or other relevant factors.
This news release is issued in accordance with the early warning requirements stipulated by securities regulation, which require that investors, including La Caisse, issue and file a news release and a report, then they acquire beneficial ownership of securities with voting rights that would represent, with the securities they already hold, 10% or more of the outstanding shares of the class.
In accordance with the Early Warning System, a copy of this news release and the report will be filed with the applicable Canadian Securities Administrators and will be available on SEDAR's website (www.sedar.com) and from the person referred to below.
ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
La Caisse de dépôt et placement du Québec is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2014, it held $214.7 billion in net assets. As one of Canada's leading institutional fund managers, La Caisse invests in major financial markets, private equity, infrastructure and real estate, globally. For more information: www.lacaisse.com.
SOURCE: Caisse de dépôt et placement du Québec
For further information: Maxime Chagnon, Senior Director, Media Relations, 514 847-5493, [email protected]