BOUCHERVILLE, QUEBEC--(Marketwired - Jan. 15, 2018) - Colabor Group Inc. (TSX:GCL) ("Colabor" or the "Corporation") announces the reduction in the number of its outstanding shares by 934,900 or just under 1% of its outstanding shares.
|Impact of the reduction||Before January 12, 2018||Cancellation||After January 12, 2018|
|Number of outstanding shares||102,112,832||(934,900)||101,177,932|
Due to the liquidation and dissolution of Investments Colabor Inc. ("Investments Colabor"), an investment company completely independent of the Corporation and first created back in 1962 when 37 distributors decided to form a purchasing coop, the Corporation cancels 934,900 shares it owns in its capital share.
Colabor Investments held a placement of 5,087,439 common shares in Colabor, which placement has been liquidated and distributed to the shareholders of Investment Colabor in proportion of the category E and category F shares they held in Investment Colabor.
Since the Corporation was a shareholder of Investment Colabor, it received its proportionate allocation of the shares, being 934,900 shares, which were automatically cancelled since the Corporation cannot hold its own shares as provided for in its constitutive law. This results in a reduction of the capitalisation of the Corporation from 102,112,832 to 101,177,932 outstanding shares.
Colabor is a distributor and wholesaler of food and non-food products serving the foodservice market (cafeterias, restaurants, hotels, restaurant chains) in Quebec, Ontario and the Atlantic provinces, as well as the retail market (grocery stores and convenience stores).
This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance, business operations and future events. Such statements are subject to risks, uncertainties and assumptions. Actual results or events may differ.