Listed TSX: SCF (Sterling Centrecorp Inc.)
TORONTO, April 30 /CNW/ - Sterling Centrecorp Inc. ("Sterling") has
received a proposal from First Capital Realty Inc. ("FCRI") whereby FCRI
intends to make a takeover bid "subject to customary conditions" for all the
outstanding shares of Sterling at a price of $1.62 per share. An independent
committee of Sterling's board, formed to review the previously announced
unconditional going private transaction with SCI Acquisition Inc. ("SCI") is
reviewing this proposal in light of the Arrangement Agreement between Sterling
and SCI. The Committee has asked SCI if it would entertain modifying the
Arrangement Agreement to allow the Committee to pursue discussions with FCRI,
and SCI has refused.
FCRI has also asked Sterling to postpone the meeting of shareholders
called for April 30, 2007 to consider the Arrangement. Based on legal advice,
the Sterling board has determined that Sterling is obliged, under the terms of
the Arrangement Agreement, to proceed with the meeting on that date.
Based on an application from FCRI, the Ontario Securities Commission is
convening a hearing on May 11, 2007 to consider if Sterling shareholders who
have entered into agreements supporting the SCI going private transaction
should be excluded as part of the minority for the majority of the minority
The final court hearing to approve the Arrangement is scheduled for
May 14, 2007.
Except for historical information, this press release contains
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risks and
uncertainties, which may cause actual results to differ materially from those
statements. Those risks and uncertainties include, but are not limited to,
changing market conditions, and other risks detailed from time-to-time in the
Company's ongoing quarterly filings, annual information form, and annual
reports. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and assumptions,
the forward-looking events in this press release might not occur.
About Sterling Centrecorp Inc.
Sterling Centrecorp Inc. is a North American real estate investment and
management services company specializing in the retail property sector, which
is traded on the Toronto Stock Exchange. Sterling, through its North American
platform, uncovers and secures real estate opportunities and then aligns
itself with strategic financial partners to maximize returns for all parties.
The Company has offices located in Toronto, Edmonton, and Montreal, and
its U.S. subsidiary has offices located in West Palm Beach, Orlando,
Charlotte, Dallas, San Antonio, and Scottsdale.
Additional company information is available on the Internet at:
For further information:
For further information: Jack A. Gilbert, Corporate Governance Officer,
(416) 593-4093 or (416) 777-1588; Executive Office: Sterling Centrecorp Inc.,
2851 John Street, Suite 1, Markham, Ontario, L3R 5R7, Telephone: (905)
477-9200, Facsimile: (905) 477-7390; U.S. Head Office: Sterling USA, Inc., One
North Clematis Street, Suite 305, West Palm Beach, Florida, 33401, Telephone:
(561) 835-1810, Facsimile: (561) 833-4118; Registered Office: Sterling
Centrecorp Inc., 123 Edward Street, Suite 703, Toronto, Ontario, M5G 1E2,
Telephone: (416) 593-4093, Facsimile: (416) 593-0656