B.C. Pacific Capital Corporation

B.C. Pacific Capital Corporation

March 30, 2007 11:28 ET

B.C. Pacific Capital Corporation Going Private Transaction Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - B.C. Pacific Capital Corporation (TSX VENTURE:BPQ.A)(TSX VENTURE:BPQ.B) ("B.C. Pacific") announced today that the amalgamation (the "Amalgamation") with 0782801 B.C. Ltd., a wholly-owned subsidiary of Brookfield Asset Management Inc. ("Brookfield") (NYSE:BAM)(TSX:BAM) has been completed. The Amalgamation was approved by the shareholders of B.C. Pacific at a special meeting of shareholders held on March 29, 2007 with over 99.8% of the votes cast in favour.

Upon the completion of the Amalgamation, Brookfield now owns all of the outstanding Class A subordinated shares (the "Class A Shares") and Class B common shares (the "Class B Shares" and, together with the Class A Shares, the "Common Shares") of B.C. Pacific. Pursuant to the Amalgamation, each Class A Share and Class B Share of B.C. Pacific has been exchanged for a redeemable preferred share of the amalgamated company, which shares will be immediately redeemed for a redemption amount of $0.80 per share.

The Class A Shares and Class B Shares are expected to be de-listed from the TSX Venture Exchange shortly. B.C. Pacific plans to apply to the applicable securities regulatory authorities in order to cease to be a reporting issuer under applicable securities legislation as soon as practicable.

B.C. Pacific Capital Corporation is a British Columbia based financial and investment corporation that uses its own capital to invest in undervalued companies and assets, primarily in the natural resource, real estate and financial service areas. B.C. Pacific also provides mezzanine bridge loans to corporations encountering financial difficulties, requiring merger advice and operational evaluation.

Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has approximately $70 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit our website at www.brookfield.com.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • B.C. Pacific Capital Corporation
    Brian G. Kenning
    Chairman and President
    (604) 669-3141