Carrus Capital Corporation

Carrus Capital Corporation

February 23, 2012 21:00 ET

Carrus Capital Corp. Announces Shareholder Approval of Resolution to Reduce Small Shareholdings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2012) - Carrus Capital Corp. (TSX VENTURE:CHQ) (the "Company") announced today that a special resolution to restructure its share capital in order to reduce the number of small shareholdings was unanimously approved at a special meeting of the shareholders of the Company held on February 22, 2012. The sole purpose of the restructuring is to reduce the number of shareholders of the Company who hold less than 500 common shares in order to reduce mailing expenses and to provide small shareholders with an opportunity to liquidate their position without incurring prohibitively expensive brokerage fees.

The share restructuring will involve the consolidation of the common shares of the Company on a 1 for 500 basis on Sunday, February 26, 2012 and the subsequent subdivision of the common shares of the Company on a 500 for 1 basis at 12:01 am on Monday, February 27, 2012. Following the consolidation, any holder of less than one common share will cease to hold common shares and will be entitled to be paid cash consideration equal to the market value of their shares based on volume weighted average trading price of the common shares on the five trading days immediately preceding the consolidation date. Following the consolidation and subdivision, any shareholder who held 500 or more common shares prior to the consolidation will continue to hold one common share for each pre-consolidation common share held by such shareholder.

Completion of the proposed consolidation of the common shares of the Company is subject to approval of the TSX Venture Exchange. There will be no change to the Company's stock symbol on completion of the consolidation and stock split.

About Carrus Captial Corp.

Carrus Capital Corporation's primary business is the identification of and strategic investment in securities of publicly listed corporations offering capital appreciation potential. Investments will be acquired and held for both short-term gains and long-term capital appreciation, dependent upon the specific investment.

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 news release.

Contact Information

  • Carrus Capital Corporation
    Bruce Schmidt
    Chief Executive Officer
    (604) 760-0160