Manitou Capital Corporation
TSX VENTURE : MOU

Manitou Capital Corporation

May 05, 2009 18:00 ET

MTF Acquisitionco Acquires Manitou Capital Corporation

TORONTO, ONTARIO--(Marketwire - May 5, 2009) - Manitou Capital Corporation (TSX VENTURE:MOU) (Manitou) and MTF Acquisitionco Ltd. (MTF) announced today that 6,907,116 common shares (the "Shares") of Manitou have been deposited under MTF's previously announced offer to purchase all the Shares, other than those held by MTF, for Cdn $0.23 per Share (the "Offer").

MTF has taken up, and accepted for payment, all of the Shares deposited under the Offer, representing approximately 48% of Manitou's outstanding shares. Payment will be made to all holders of Shares who have deposited their Shares under the Offer on or before May 5, 2009.

Upon taking up and paying for the Shares deposited under the Offer, MTF will own 14,101,946 Shares, representing approximately 98.6% of Manitou's outstanding common shares.

As MTF's offer was accepted by holders of more than 90% of Manitou's common shares not held by MTF, MTF will now exercise its right under the compulsory acquisition provisions of the Business Corporations Act (Ontario) to acquire all outstanding common shares not beneficially owned by it for $0.23 per common share. Further details are found in MTF's Notice of Compulsory Acquisition, which will be made available on SEDAR at www.sedar.com.

MTF intends to de-list Manitou's common shares from the TSX Venture Exchange and to cause Manitou to cease to be a reporting issuer. A further press release will be issued with respect to the timing and other particulars of the de-listing.

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

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