CWAL Investments Ltd.

January 04, 2011 08:00 ET

CWAL Investments Ltd. Reports Acquisition of Common Shares of Coast Wholesale Appliances Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE US

CWAL Investments Ltd. ("CWAL") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to Coast Wholesale Appliances Inc. ("Coast").

CWAL reports having acquired 3,532,999 common shares of Coast, representing approximately 35% of the current issued and outstanding common shares, in connection with the conversion of Coast Wholesale Appliances Income Fund's trust structure to a corporation by way of plan of arrangement made effective on January 1, 2011. Prior to the conversion, CWAL held 3,509,166 exchangeable units of Coast Wholesale Appliances LP and 23,833 units of the Fund. Such units were exchanged for common shares of Coast on a one-for-one basis.

CWAL holds these common shares for investment purposes and may, depending on market and other conditions, acquire additional securities of Coast or dispose of all or any of their common shares of Coast, through market transactions, private agreements or otherwise. Section 2.11 of National Instrument 45-106 – Prospectus and Registration Exemptions was relied on for the issuance of the Common Shares in connection with the conversion.

A copy of the early warning report to be filed by CWAL with the applicable securities regulators regarding the transaction may be obtained from the SEDAR (www.sedar.com).

Contact Information

  • CWAL Investments Ltd.
    Jack Peck
    Chief Financial Officer of Coast
    (604) 301-3400