2014-03-14 00:00:35 -
* ACI enters into a binding letter of intent with Canada Brokerlink Inc.
* ACI shareholders to be asked to approve the liquidation and dissolution
Calgary, Alberta CANADA, March 13, 2014 /FSC/ - Anthony Clark International Insurance Brokers Ltd. (ACL - TSX Venture"Corporation") announces that it has entered into a binding letter of intent with Canada Brokerlink Inc. ("Brokerlink") under which it has agreed to sell all of its shares in Anthony Clark Insurance Brokers Ltd. ("Insurance") for cash consideration of approximately $13,000,000 (Canadian Currency), before repayment of certain senior debt and adjustments. Brokerlink is an Alberta-based insurance brokerage and an affiliate of Intact Insurance Company. The Corporation and Brokerlink are arm's length parties.
The transaction is subject to shareholder
and regulatory approval as it contemplates the sale of all or substantially all of the Corporation's assets.
Subject to receipt of all required approvals, after the completion of the transaction the Corporation intends to wind-up its affairs and distribute the resulting net proceeds to its shareholders in two or more instalments.
The Corporation's securities will remain halted until the TSX Venture Exchange has reviewed certain documentation.
Shareholders of the Corporation will be asked to approve the transaction at a special meeting of shareholders which is expected to be held in April 2014 ("Special Meeting Shareholders will also be asked to approve the liquidation and dissolution of the Corporation at the Special Meeting. The Corporation's Board of Directors has unanimously recommended that shareholders vote in favour of the transaction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Anthony Clark International Insurance Brokers Ltd.
Mr. Tony Consalvo, President and CEO
Telephone: (403) 225-5100
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Corporation's ability to close the proposed transaction. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Corporation's public filings under "Risk Factors." The Corporation undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
On behalf of
ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD.
Tony Consalvo, CEO
To view this press release as a PDF, please click on the following link:
Source: Anthony Clark International Insurance Brokers Ltd. (AC:-TSX.V) www.aclarkinsurance.com
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