Press release from Marketwire
Cogeco Cable Announces Successful Completion of Compulsory Acquisition
Wednesday, April 03, 2013
Cogeco Cable Announces Successful Completion of Compulsory Acquisition15:12 EDT Wednesday, April 03, 2013
MONTRÉAL, QUÉBEC and VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2013) - Cogeco Cable Inc. ("Cogeco Cable") (TSX:CCA) and Peer 1 Network Enterprises, Inc. ("PEER 1") announced today that 0957926 B.C. Ltd., an indirect wholly-owned subsidiary of Cogeco Cable, has completed its compulsory acquisition of all of the remaining outstanding common shares of PEER 1 (the "Common Shares"), at a price of $3.85 in cash per Common Share, pursuant to the notice of compulsory acquisition made under Section 300 of the Business Corporations Act (British Columbia), and now owns 100% of the outstanding Common Shares.
In addition, PEER 1 announced today that the Common Shares have been delisted from the Toronto Stock Exchange as of the close of business (Toronto time) on March 28, 2013. PEER 1 also announced that PEER 1 has applied to the relevant securities commissions to cease to be a reporting issuer in all applicable jurisdictions.
ABOUT COGECO CABLE
Cogeco Cable (www.cogeco.ca) is a telecommunications corporation and is the 11th largest hybrid fibre coaxial cable operator in North America operating in Canada under the Cogeco Cable brand name in Quebec and Ontario, and in the United States through its subsidiary Atlantic Broadband in Western Pennsylvania, South Florida, Maryland, Delaware and South Carolina. Its two-way broadband cable networks provide to its residential and small business customers Analogue and Digital Television, High Speed Internet («HSI») and Telephony services. Through its subsidiaries Cogeco Data Services and PEER 1 Hosting, Cogeco Cable provides its commercial customers a suite of IT hosting, information and communications technology services (Data Centre, Co-location, Managed Hosting, Cloud Infrastructure and Connectivity), with 23 data centres, extensive fibre networks in Montreal and Toronto as well as points-of-presence in North America and Europe. Cogeco Cable's subordinate voting shares are listed on the Toronto Stock Exchange (TSX:CCA). For more information about Cogeco Cable and its subsidiaries visit www.cogeco.ca, www.cogecodata.com, www.peer1.com and www.peer1hosting.co.uk.
ABOUT PEER 1 Hosting
PEER 1 Hosting, a wholly-owned subsidiary of Cogeco Cable Inc. (TSX:CCA), is one of the world's leading web hosting providers, specializing in Managed Hosting, Dedicated Servers, Colocation and Cloud Services. Based out of Vancouver, Canada, with European operations headquartered in Southampton, U.K., the company has been serving commercial customers' needs since 1999. PEER 1 Hosting is built on two obsessions: Ping & People. Ping represents its commitment to best-in-breed technology, founded on a high performance 10Gbps FastFiber Network(tm) connected by 19 state-of-the-art data centers. People represents its commitment to delivering outstanding customer service to its more than 13,000 customers worldwide, backed by a 100 percent uptime guarantee. For more information visit: www.peer1.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release may constitute forward- looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Cable's or PEER 1's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements and information regarding Cogeco Cable's intention to cause PEER 1 to cease to be a reporting issuer are forward-looking statements. In addition, statements regarding Cogeco Cable's or PEER 1's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities which Cogeco Cable or PEER 1, as applicable, believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to Cogeco Cable or PEER 1, as applicable, they may prove to be incorrect. Cogeco Cable and PEER 1 caution the reader that the economic downturn experienced over the past few years make forward-looking information and the underlying assumptions subject to greater uncertainty and that, consequently, they may not materialize, or the results may significantly differ from Cogeco Cable's and PEER 1's expectations. It is impossible for Cogeco Cable or PEER 1 to predict with certainty the impact that the current economic uncertainties may have on future results.
Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Cable or PEER 1 currently expect. These factors include technological changes, changes in market and competition, governmental or regulatory developments, general economic conditions, the development of new products and services, the enhancement of existing products and services, and the introduction of competing products having technological or other advantages, many of which are beyond Cogeco Cable's and PEER 1's control. Therefore, future events and results may vary significantly from what management currently foresees. For more exhaustive information on these risks and uncertainties, prospective purchasers should refer to the risk factors described in the management's discussion and analysis of Cogeco Cable for the year ended August 31, 2012 and the risk factors described in the annual information form of PEER 1 for the fiscal year ended June 30, 2012. Prospective investors should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, Cogeco Cable and PEER 1 are under no obligation and does not undertake to, update or alter this information at any particular time, except as may be required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Medias: Rene Guimond
Vice President, Public Affairs and Communications
March Communications on behalf of PEER 1 Hosting
Analysts and investors: Pierre Gagne
Senior Vice President and Chief Financial Officer