September 08, 2005 17:25 ET

OPTIMUM GROUP INC. Announces the Increase of its Interest in OPTIMUM GENERAL INC.

MONTREAL, QUEBEC--(CCNMatthews - Sept. 8, 2005) -

(all amounts are in CDN$)

OPTIMUM GROUP INC. (TSX:OGI.SV.A) announces that it has increased its interest in OPTIMUM GENERAL INC. OPTIMUM GROUP INC. acquired by way of private agreements on September 8, 2005, the ownership of 411,800 Class A Subordinate Voting Shares of OPTIMUM GENERAL INC. Therefore, since June 30, 2005, OPTIMUM GROUP INC. has purchased directly, and indirectly through its affiliated company QUEFRAN INC., 439,050 Class A Subordinate Voting Shares of OPTIMUM GENERAL INC., and accordingly increasing from 3,530,000 (79.77%) to 3,969,050 (89.70%) the number of shares of this class owned by OPTIMUM GROUP INC. itself or through its affiliated companies. Taking into account the Class B Multiple Voting Shares, the percentage of voting shares held by OPTIMUM GROUP INC. and its affiliated companies remains relatively the same, increasing from 96.6% to 98.27%.

These private transactions were made at the price of $4.00 per share, which does not exceed 115% of the average market price determined in accordance with applicable securities legislation. These transactions were made for investment purposes by OPTIMUM GROUP INC.

OPTIMUM GROUP INC. does not intend in the immediate future to increase significantly in any other manner its interest in OPTIMUM GENERAL INC.

OPTIMUM GROUP INC. is an international financial group active in property and casualty insurance, life insurance, life reinsurance, consulting, financial services and real estate. Founded in 1969, the Group is active in Canada, the United States and France. The head office of OPTIMUM GROUP INC. is located at 425 de Maisonneuve Boulevard West, Suite 1700, Montreal, Quebec H3A 3G5.

Contact Information

  • Optimum Group Inc.
    Mr. Jean-Claude Page
    President and COO
    (514) 288-2010