95.
Mondav. 21 st November 1977.
Present: Messrs. Macadam, Sheehy
and Symons.
In attendance: Mr. Davies.
Secretary: Mr. Baker.
122. IMASCO LIMITED OFFER FOR KOFFLER STORES. CANADA
Reference: Press Release dated 21,st November 1977.
It was-noted that Imasco Limited proposed to make
a tender offer for the 7,200,000 Class A and B Special
9
Shares of Kaffler Stores Limited, which owns a national
chain of drug stores, of C$55 in cash plus one new
CS35 preferred share for each 10 Ordinary Shares of
Kof It was further noted that:'
1) Shareholdersof Kof representing
X approximately 49% of the outstanding
Class A and Class B Special Shares would
accept the offer and recommend it to
other shareholders.
1-,DY.-
2) The new Preference Shares of Tmasco will
carry a dividend rate of 5% per annum
for three years and are convertible during
that period into Imasco Ordinary Shares.
Shares not so converted would become non-
convertible with a dividend of 71% per annum.
3) The offer would be subject to Federal
Government approval, to Kof becoming a
federal company and to acceptance by at
least 90% of the shares of each class.
(Mr. Sheehy Kr. Garraway
Mr. Pearson
C:>
BAT Industries document for Province of British Columbia 13 April 1999