MANITEX CAPITAL INC. ("MNX")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: April 5, 2013
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a Share Purchase Agreement (the "Agreement"), dated April 2, 2013, between Manitex Capital Inc. (the "Company"), Hywood Pharmachem Inc. - a subsidiary of the company ("Hywood"), and Unipex Solutions Canada Inc. - an arm's length party to the Company ("Unipex"), whereby Unipex has agreed to acquire all the issued and outstanding shares of Baralex Inc., a wholly owned subsidiary of Hywood. Baralex conducts the distribution business of Manitex.
The consideration payable by Unipex consists of CDN$2,775,000, of which an amount of $450,000 is subject to reduction as set forth in the purchase Agreement. The purchase price is subject to post closing adjustments and will be paid as follows: (i) an initial consideration of $1,500,771 payable at closing of the transaction; (ii) a consideration of $300,000 to be used to make the adjustments and secure Hywood's representations, warranties and covenants set forth in the purchase agreement payable to an escrow agent at closing; and (iii) a consideration of $524,229 to secure Hywood's representations, warranties and covenants relating to the pension plan of Baralex set forth in the purchase Agreement payable to an escrow agent at closing.
For further information, please refer to the Company's news release dated April 3, 2013.
________________________________________
|
|
