TORONTO, June 10 /CNW/ - Jaguar Financial Inc. ("Jaguar") (TSX: JFI)
today announced that Telehop Communications Inc. ("Telehop") has failed to
provide lists of its shareholders to Jaguar within the period prescribed by
Concurrently with the announcement of its offer (the "Offer") to acquire
up to 6,681,750 of the issued common shares ("Shares") of Telehop at a cash
price of $0.50 per share, Jaguar requested lists of shareholders of Telehop on
May 27, 2008. Under the requirements of the Business Corporations Act
(Ontario) (the "OBCA"), Telehop was required to provide these lists to Jaguar
by no later than June 6, 2008.
Today Telehop provided one of the required shareholder lists to Jaguar
but it has not yet provided the remaining lists nor has it indicated a date on
which these will be provided.
This failure by Telehop's Board of Directors to ensure that Telehop
complies with its legal obligations under the OBCA is preventing Jaguar from
mailing important materials related to the Offer to Telehop's shareholders. As
such, the conduct of Telehop's Board of Directors prejudices Telehop's
shareholders and continues to compromise the ability of shareholders to review
and evaluate the Offer which represents a premium to the closing price of
Telehop's shares on June 9, 2008, of $0.46 per share.
After being contacted by Jaguar on Monday June 9, 2008, and asked why
these lists had not been provided, Hersh Spiegelman, Chief Executive Officer
of Telehop, stated today that "unfortunately, the original communication was
lost between our offices and that of our legal counsel and this loss did not
come to light until yesterday".
Jaguar will, if necessary, pursue alternative means to acquire the
outstanding lists of shareholders in order to ensure that Telehop's
shareholders are not further prejudiced by Telehop's continuing and unlawful
delay in providing these materials.
Vic Alboini, Chairman and Chief Executive Officer of Jaguar stated: "Not
only are Telehop's Board of Directors and its CEO unable to comply with our
request for shareholder lists, they appear to have lost our request to begin
with. The Telehop Board and CEO are displaying a very cavalier attitude
towards the needs of their shareholders, particularly in the context of
Jaguar's take-over bid."
Copies of the Offer documents are available on SEDAR at www.sedar.com.
For further information about the offer, Telehop shareholders can contact
Northern Securities Inc., the dealer manager for the Offer, at 416 644-8100 or
toll free at 1-888-675-7602.
Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause actual
results, performances or achievements of Jaguar to be materially different
from those implied by such forward looking statements.
This press release does not constitute an offer to purchase shares of
Telehop. Such an offer can only be made through an offer to purchase and
circular filed with applicable securities regulatory authorities. Jaguar urges
shareholders of Telehop to read the Offer documents as they will contain
For further information:
For further information: Kyler Wells, General Counsel, (416) 644-8177