Minic Investments Limited

April 16, 2010 16:30 ET

Minic Investments Limited Makes Early Warning Report

TORONTO, ONTARIO--(Marketwire - April 16, 2010) - Minic Investments Limited of Toronto ("Minic") (TSX:GCG)(TSX:GCG.A) announces that on April 16, 2010 (the "Effective Date") it acquired ownership of 583,600 non-voting Class A shares of Guardian Capital Group Limited ("GCGL"), as a result of which Minic now beneficially owns 3,207,000 GCGL non-voting Class A shares, representing 11.0% of the 29,135,319 issued and outstanding non-voting Class A shares.

Minic entered into an agreement with John Christodoulou (the "Vendor"), the Chairman and Chief Executive Officer of GCGL, to acquire the purchased shares on the Effective Date. In exchange for the purchased shares, Minic paid non-cash consideration in the form of preferred shares issued by Minic to the Vendor, having an aggregate redemption price equal to the fair market value of the purchased shares on the Effective Date. The value of the non-cash consideration paid by Minic was $8.21 per non-voting Class A share, which is equal to the closing trading price for the GCGL non-voting Class A shares on the Toronto Stock Exchange on the day before the Effective Date. Both Minic and the Vendor continue to be insiders of GCGL.

The 583,600 non-voting Class A shares of Guardian were acquired by Minic for investment purposes. Minic may acquire additional non-voting Class A shares and common shares of Guardian in the future for investment purposes.

Contact Information

  • Minic Investments Limited
    John Christodoulou
    (416) 364-8341