Manitou Capital Corporation
TSX VENTURE : MOU

Manitou Capital Corporation

March 11, 2009 16:05 ET

Manitou Capital Announces Approval of Offer for Shares and Financial Results

TORONTO, ONTARIO--(Marketwire - March 11, 2009) - Manitou Capital Corporation (Manitou)(TSX VENTURE:MOU) previously announced that certain employees and directors of its subsidiary, Manitou Investment Management Ltd. (MIM), plan to make an offer, through an acquisition company incorporated for that purpose (Bidco), to the holders of Manitou common shares to acquire those shares not already held by Bidco and those employees (the "Buying Group") for $0.23 per share. The Board of Directors of Manitou appointed an independent committee consisting of Richard J.G. Boxer, the only director not forming part of the Buying Group and the holder of approximately 3.9% of the outstanding shares of Manitou, to consider the proposed transaction.

The independent committee supervised the preparation of an independent valuation and fairness opinion by Koger Valuations Inc. (the "Valuator"). The Valuator concluded that the range of values for shares of Manitou was $0.19 to $0.24 and that the proposed offer was fair to the shareholders of Manitou from a financial point of view.

The independent committee, based upon its review of the proposed transaction and its own investigations, including the independent valuation, has advised the Board of Directors that, in its opinion, the proposed transaction is fair to the Manitou shareholders from a financial point of view. The Board of Directors (with Messrs. Matthews, Scotchmer and Gaskin abstaining) have also concluded that the proposed offer is fair to the Manitou shareholders from a financial point of view. The Board of Directors will be recommending that shareholders tender their shares to the offer.

Subject to regulatory approval, the offer from the Buying Group and a Directors' Circular are expected to be mailed before the end of March.

Manitou also announces its results for the year ended December 31, 2008. Manitou had a loss of $25,752 ($0.0018 per share) for the year ended December 31, 2008, as compared to earnings of $243,688 ($0.017 per share) for the year ended December 31, 2007. For the three months ended December 31, 2008 Manitou had a loss of $64,636 ($0.0045 per share). For the three months ended December 31, 2007 Manitou had earnings of $2,585 ($0.0002 per share).

Manitou shares are listed for trading on the TSX Venture Exchange under the symbol MOU.



MANITOU CAPITAL CORPORATION

Year Year
Ended Ended
Dec. 31, 2008 Dec. 31, 2007
-------------- --------------

Revenue $2,241,582 $2,449,366

Earnings/(Loss) $(25,752) $243,688

Earnings/(Loss) per share $(0.0018) $0.017



Three Months Three Months
Ended Ended
Dec. 31, 2008 Dec. 31, 2007
-------------- --------------

Revenue $497,565 $618,153

Earnings (Loss) $(64,636) $2,585

Earnings (Loss) per share $(0.0045) $0.0002


The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Manitou Capital Corporation
    Deborah O'Reilly
    Chief Financial Officer
    (416) 628-6523