Cagim Real Estate Corporation
TSX VENTURE : CIM

Cagim Real Estate Corporation

April 01, 2010 21:52 ET

BTB Real Estate Investment Trust Commences C$1.05 Per Share Cash Take-Over Bid for Cagim

QUEBEC CITY, QUEBEC--(Marketwire - April 1, 2010) - Cagim Real Estate Corporation (the "Corporation" or "Cagim") (TSX VENTURE:CIM), a real estate management corporation, today announced that BTB Real Estate Investment Trust ("BTB") has today commenced its offer to acquire all of Cagim's issued and outstanding class "A" shares (the "Common Shares") for C$1.05 per share payable cash, including Common Shares currently issued prior the expiry time of the offer upon exercise or conversion of the currently outstanding Cagim debentures and stock options (the "Offer") and mailed the Offer, take-over bid circular, letter of transmittal and notice of guaranteed (the "Offer Documentation") to Cagim shareholders. The Offer is subject to the support agreement reached on March 26, 2010 between Cagim and BTB.

Cagim directors' circular, containing the Cagim board's unanimous recommendation to accept the Offer, will be filed within the time frame prescribed by the applicable securities laws.

The Offer will be open for acceptance until 5:00 p.m. (Montreal time) on May 7, 2010, unless it is extended or withdrawn, and will be subject to conditions including, among other things, there being validly deposited and not withdrawn a number of Common Shares that represents 66 2/3% of the issued and outstanding Common Shares (calculated on a fully-diluted basis).

Reader Advisory

This announcement is for informational purposes only and does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of an offer to sell, dispose, issue, purchase, acquire or subscribe for any security. The Offer (including any variation or extension in accordance with applicable securities laws) is being made exclusively by means of, and subject to the terms and conditions set out in the Offer Documentation to be delivered to Cagim shareholders and filed with the applicable securities regulators. Cagim shareholders should consider the Offer carefully and reach their own decision as to whether to accept or reject the Offer. Cagim Shareholders who are in doubt as to how to respond to the Offer should consult with an investment adviser, broker, lawyer or other professional advisor. Cagim shareholders are advised that acceptance of the Offer may have tax consequences and that they should consult their professional advisors. The Offer Documentation as well as the Cagim directors' circular will be available electronically without charge at www.sedar.com.

About Cagim Real Estate Corporation

The Corporation is listed on the TSX Venture Exchange and operates property management activities. The Corporation operates its activities through its subsidiaries ADG Immobilier Inc., Complexe Lebourgneuf Inc. and Société immobilière Albatros inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cagim Real Estate Corporation
    Mr. Denis Lepine
    Chief Financial Officer
    (418) 622-6644
    or
    Cagim Real Estate Corporation
    Mr. Guy Boutin
    Leasing, Acquisitions and Development Director
    (418) 622-6644