BRAMPTON, ON, Jan. 3, 2017 /CNW/ - WTF Holdings Inc.
("WTF") announced today that its offer to purchase all
common shares ("Common Shares") of Franchise Bancorp Inc.
("FBI"), other than Common Shares owned by WTF and its
affiliates and associates, for $2.13
per Common Share (the "Offer") has been accepted by holders
of Common Shares representing approximately 95% (i.e. more than
50%) of the total number of Common Shares outstanding, not
including those Common Shares beneficially owned, or over which
control or direction is exercised by WTF and its affiliates and
associates and joint actors.
The conditions of the Offer have been satisfied and a total of
1,968,635 Common Shares were validly deposited under the Offer and
not withdrawn. WTF has taken up and accepted for payment all such
Common Shares. Payment for such Common Shares is expected to be
made to the depositary, TSX Trust, on or before January 6, 2017. If Common Shares were tendered
through brokers or financial intermediaries, holders of such Common
Shares will receive payment for their shares through their broker
or financial intermediary.
With the take up of the Common Shares already tendered but not
owned by WTF and its affiliates and associates, WTF and its
affiliates and associates now beneficially own, directly and
indirectly, an aggregate of 8,521,060 Common Shares, representing
approximately 99% of the outstanding Common Shares and 100% of the
outstanding Class A Shares and Class B Shares.
Expiry Time
As required by securities laws, the Offer is being extended for
the mandatory 10-day extension period until 4:00 p.m. (Toronto time) on January 13, 2017, unless extended or withdrawn,
to allow FBI shareholders who have not yet tendered their shares to
the Offer an opportunity to do so. Shareholders who have validly
deposited their Common Shares do not need to take any further
action to accept the Offer.
WTF will take up the Common Shares deposited to the Offer during
such extension period, and will issue a press release announcing
same at that time.
WTF intends to proceed with a compulsory acquisition to acquire
any Common Shares not deposited to the Offer. Shareholders are
encouraged to tender their shares prior to January 13, 2017 in order to avoid any delay in
receiving the consideration payable for their shares.
The Offer and Takeover Bid Circular documents have been filed on
SEDAR and are available at www.sedar.com under FBI's profile.
Information and Contacts
WTF has retained TSX Trust to act as depositary and Laurel Hill
Advisory Group to act as information agent in connection with the
Offer. Any questions or requests for assistance or further
information on how to tender Common Shares to the Offer may be
directed to, and copies of the above referenced documents may be
obtained by contacting:
Laurel Hill Advisory Group
Toll free in North America:
1-877-452-7184
For banks and brokers and collect calls outside North America: 1-416-304-0211
Email: assistance@laurelhill.com
Shareholders whose Common Shares are registered in the name of a
broker, investment dealer, bank, trust company or other nominee
should immediately contact such nominee for assistance in tendering
their Common Shares to the Offer.
SOURCE Franchise Bancorp Inc.