CANADA: The Skor Food Group acquires Derry Foods Ltd
The Toronto, Ontario-based Skor Food Group (formerly AMT Fine Foods ) has acquired all the issued and outstanding Class B Common Shares of Derry Foods Ltd.
At a special meeting last month, Skor's shareholders approved the issuance of 100 units of Skor in exchange for Derry's Class B Common Shares, each unit being comprised of 118,300 post-consolidated common shares and 59,150 Series A Common Share Purchase Warrants. Each Series A Share Purchase Warrant entitles the holder to acquire one post-consolidated common share for C$0.30 for a period of five years until 26 June 2007.
Derry is a full service food distribution company located in Rexdale, Ontario that services clients throughout Ontario. The clients serviced by Derry include multi location food retailers and food service accounts including cafeterias, restaurants, banquet halls, supermarket chains, concession operators, day care facilities, hospitals, correctional facilities and other government institutions. Derry sells more than 5,000 items including frozen foods, refrigerated products and dry goods and is able to service all clients on a 'one stop shop' basis.
In connection with this acquisition, Skor's shareholders also approved the following matters:
1. Name change of the group to its current form, The Skor Food Group Inc.;
2. The consolidation of Skor's existing common shares on a 10 for 1 basis; and
3. The election of a new board of directors.
The new directors of the corporation are Vince Capobianco, Steve Corvese, G. Michael Newman and Robert Macdonald. Skor has also announced the appointment of Capobianco as president and Corvese as VP.
After giving effect to the issuance of the units, Skor has 13,443,170 post-consolidated common shares issued and outstanding. In addition, it has 5,915,000 Series A Common Share Purchase Warrants issued and outstanding.
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