 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
September 21, 1998
CPI PLASTICS GROUP LIMITED
TORONTO, ONTARIO - CPI Plastics Group Limited ("CPI") announced that a total of 12,128,669 of its issued and outstanding subordinate voting shares were listed on The Toronto Stock Exchange today of which 5,623,599 are reserved for issuance upon (i) the conversion on a one-for-one basis of up to 3,649,607 issued and outstanding multiple voting shares; (ii) the exercise of 1,500,000 options pursuant to CPI’s stock option plan of which 290,000 options to purchase subordinate voting shares have been granted to-date at an exercise price of $4.22 per share; and (iii) the conversion on a one-for-one basis of 473,992 First Preference Shares.
Peter F. Clark, the Chairman, President and Chief Executive Officer of CPI ("Clark") is the controlling shareholder of CPI. As a result of a Plan of Arrangement involving CPI, Waterford Capital Management Inc. and 1304629 Ontario Inc. approved by the Ontario Court (General Division) on September 15, 1998 and made effective by a Certificate and Articles of Arrangement dated today CPI, Waterford and 1304629 amalgamated under the name CPI Plastics Group Limited. As a result of the Plan of Arrangement, Clark (through 820597 Ontario Inc. and 1286917 Ontario Inc., each of which he controls) acquired beneficial ownership of 3,642,461 (56%) of the issued and outstanding subordinate voting shares of CPI and 3,642,461 (99%) of the issued and outstanding multiple voting shares of CPI in exchange for the shares which he held in pre-arrangement CPI. In addition, Mr. Clark has been issued 30,000 options to purchase Subordinate Voting Shares pursuant to CPI’s Stock Option Plan. Clark has no present intention of increasing his holdings of shares in the capital of CPI other than through the exercise of options.
The subordinate voting shares in the capital of CPI, which carry one vote per share, commenced trading on The Toronto Stock Exchange today under the symbol CPI. The multiple voting shares, which carry 20 votes per share, are not listed on any stock exchange. They are convertible share for share into subordinate voting shares.
CPI is a North American leader in designing, engineering and manufacturing thermoplastic extrusions such as decorative trim and functional parts for a variety of industries including automotive OEM and appliance manufacturers. Through a joint venture with Extrudawood International of Great Britain, in which CPI has a 70% interest, CPI produces extruded plastic wood known as "Extrudawood" for the North American market.