Stonehouse Capital Management Inc.

June 07, 2012 18:53 ET

Stonehouse Announces Acquisition of Equity Interest in Pacific Safety Products Inc.

TORONTO, ONTARIO--(Marketwire - June 7, 2012) - Stonehouse Capital Management Inc. ("Stonehouse") announced the acquisition today by one or more of its managed client accounts of 2,700,000 common shares of Pacific Safety Products Inc. ("PSP") representing approximately 4.7% of the total issued and outstanding common shares of PSP. The PSP shares were acquired through Pure Trading for investment purposes. Combined with the PSP shares and convertible debentures previously held, Stonehouse now has control or direction, through separately managed account agreements, over a total of 13,056,513 common shares and $350,000 principal amount of convertible debentures, together representing an aggregate (assuming full conversion of the debentures held by the Stonehouse managed client accounts) of approximately 27.2% of the total issued common shares of PSP.

Stonehouse's managed client accounts acquired the common shares of PSP pursuant to the private agreement exemption from the take-over bid procedure prescribed by applicable securities legislation. The exemption was available as the purchase was made from not more than five persons in the aggregate, and the value of consideration paid for the common shares of PSP, including brokerage fees and commissions, was not greater than 115% of the market price of the common shares.

Stonehouse believes the common shares of PSP are undervalued and wishes to assist in the enhancement of shareholder value.

Contact Information

  • Stonehouse Capital Management Inc.
    Daniel Marks