After a rather drastic restructuring, Heenan Senlac Resources is making something of a comeback. Its shares were suspended from trading on The Toronto Stock Exchange in April, 1990, for failure to meet minimum listing requirements.
The company sold virtually all its assets at that time to pay off a $1.2-million bank debt. It has now consolidated its shares and changed its name to Mining & Allied Supplies (Canada). Shareholders receive one share in this new company for each 25 old shares plus one warrant entitling the holder to purchase an additional share at $1.20 until Dec. 31, 1994. Both the new shares and warrants are now trading on the TSE.
Under the terms of this deal, Heenan acquired all the outstanding shares of the Canadian operation of Mining and Allied Supplies (Overseas), a United Kingdom corporation, a supplier of bearings, power transmission and general industrial products to the resource industries, with the Canadian arm operating from 35 locations. Purchase price was $22 million, satisfied by the issuing of 22 million of Heenan’s consolidated shares.
As a condition of the transaction, one million of the consolidated Heenan shares were underwritten at $1 per share.
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