/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
SAINT-GEORGES, QC, Sept. 27, 2013 /CNW Telbec/ - Manac Inc. ("Manac" or the "Company") announced today the closing of its initial public offering of 4,761,905 subordinate voting shares at a price of $8.40 per share resulting in gross proceeds to the Company of approximately $40 million. The net proceeds from the offering will be used to repay $20.4 million of aggregate indebtedness. Manac intends to use the remaining amount of net proceeds for working capital and general corporate purposes. The Company may also use a portion of the net proceeds to expand its current business through acquisitions of, or investments in, other complementary businesses, products or technologies, it being understood that Manac has no agreements or commitments with respect to any of the foregoing acquisitions or investments at this time.
The subordinate voting shares are listed on the Toronto Stock Exchange under the symbol "MA".
A copy of the final prospectus filed on September 20, 2013 with the securities regulatory authorities in each of the provinces of Canada in connection with the Company's initial public offering is available on SEDAR (www.sedar.com).
The underwriters have also been granted an over-allotment option, exercisable within 30 days from the date hereof, to purchase up to an additional 238,095 subordinate voting shares from the Company at a price of $8.40 per share for additional gross proceeds of approximately $2 million if the option is exercised in full. If the over-allotment is exercised by the underwriters, the Company will use the additional net proceeds for working capital and general corporate purposes.
The offering was made through a syndicate of underwriters led by National Bank Financial Inc., as sole bookrunner, CIBC World Markets Inc., TD Securities Inc., Stifel Nicolaus Canada Inc., Desjardins Securities Inc. and GMP Securities L.P.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation of sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate®, Liddell Canada® and Trailmobile®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.
Forward Looking Statements
Certain statements in this press release, including statements relating to the use of proceeds of the offering, the closing date of the offering, the exercise of the over-allotment and the use of proceeds thereof constitute forward-looking statements. The words "scheduled", "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.
Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. These statements are inherently uncertain and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, financial related risks, failure to obtain any required shareholder approvals, failure to obtain required financing, and failure to complete any of the transactions described herein. In addition, the closing of the offering and use of proceeds thereof is subject to customary closing conditions and there can be no assurance that all such conditions will be satisfied. Many factors could cause the Company's actual results or affairs to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the final prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.
Image with caption: "Manac Logo (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20130927_C5122_PHOTO_EN_31450.jpg
SOURCE: Manac Inc.
For further information:
Charles Dutil, President and CEO