One Step Closer
While we’re not planning on turning this into a financial communications blog, given recent events, thought I’d just quickly post again about today’s announcement. As you can imagine, we were quite anxious to announce the Investment Canada Act approval in connection with the sale of Trader Corporation (see press release: http://bit.ly/jXG1po). This is a step towards the closing of this much anticipated transaction.
There has been a lot of speculation in the marketplace about whether it would close or not. It even drove us to reiterate our confidence it would close back on May 31 when our stock price first started dropping (see: http://bit.ly/kfFK7R).
As we reminded the market at the time, the proceeds from the sale will be largely used to reduce indebtedness and for general corporate purposes.
We hope this morning's announcement will reassure our different stakeholders who have been understandably vocal over the last few days.
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