CHARTER REALTY HOLDINGS LTD.
TSX VENTURE : CRH.P

CHARTER REALTY HOLDINGS LTD.

November 01, 2006 10:42 ET

Early Warning Reports Regarding Purchase and Sale of Common Shares of Charter Realty Holdings Ltd. 'TSXV:CRH.P'

EARLY WARNING REPORTS PURSUANT TO NATIONAL INSTRUMENT 62-103

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2006) - John F. Driscoll and Ari Silverberg announce that Ari Silverberg, 400 Glengrove Avenue, Toronto, Ontario, M5N 1W9, and DCT Investment Corp. ("DCT"), The Exchange Tower, 130 King Street West, Suite 2850, Toronto, Ontario M5X 1A4, have entered into an agreement pursuant to which Ari Silverberg has acquired ownership and control of 525,000 common shares of Charter Realty Holdings Ltd. ("Charter") (TSX VENTURE:CRH.P) from DCT, representing approximately 8.75% of all issued and outstanding common shares of Charter. DCT is a company controlled by John F. Driscoll.

Immediately after the acquisition, completed pursuant to a private transaction outside of any market or other facility, Ari Silverberg owned 525,000 common shares of Charter and rights to acquire up to an additional 185,000 common shares of Charter upon exercise of convertible securities, representing in the aggregate approximately 8.75% and 11.48% of the issued and outstanding common shares of Charter, respectively, calculated on a non-diluted and partially diluted basis. As a result of the disposition of 525,000 common shares of Charter, immediately after completion of the transaction, John F. Driscoll, together with joint actors, held an aggregate of 3,875,000 common shares of Charter and rights to acquire up to an additional 175,000 common shares of Charter upon exercise of convertible securities, representing in the aggregate approximately 64.60% and 65.60% of the issued and outstanding common shares of Charter, respectively, calculated on a non-diluted and partially diluted basis.

The 525,000 common shares of Charter transferred pursuant to this transaction remain subject to escrow pursuant to the policies of the TSX Venture Exchange. DCT sold the 525,000 common shares of Charter to Ari Silverberg in order to facilitate Mr. Silverberg acquiring an ownership interest in Charter in conjunction with Mr. Silverberg's recent appointment as Chief Operating Officer of Charter. Ari Silverberg acquired the 525,000 common shares of Charter for investment purposes.

John F. Driscoll and/or Ari Silverberg, together with their respective joint actors, may from time to time acquire additional securities of Charter, dispose of some or all of the existing or additional securities they respectively hold or will hold, subject to applicable escrow provisions, or may continue to hold their respective current position.

For further information or copies of the reports filed in connection with this news release with the various securities commissions, please contact:



Paolo De Luca, (416) 214-5985 ext. 510
The Exchange Tower
130 King Street West, Suite 2850,
Toronto, Ontario M5X lA4



The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charter Realty Holdings Ltd.
    Paolo De Luca
    (416) 214-5985 ext. 510
    The Exchange Tower
    130 King Street West, Suite 2850,
    Toronto, Ontario M5X lA4