You will be redirected back to your article in seconds

Cancom issues common shares

Company to repay Star Choice Communications debts

TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share.

The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts of its direct-to-home (DTH) subsidiary Star Choice Communications to cabler Shaw Communications. The rest will be used to expand its DTH operations and for “general corporate purposes.”

As part of the deal, Shaw acquired 1.9 million of the Cancom shares issued, bringing its Cancom holdings to 8.8 million shares, or 35% of common shares outstanding. Should regulatory approvals come as planned for the division of Vancouver-based media company WIC Western Intl. Communications, Shaw also plans to take the 29% of Cancom shares that WIC holds, giving Shaw control of Cancom.

More Biz

  • This, photo shows the 21st Century

    Sony Pictures Joins 21st Century Fox Hunt as Deal Talk Spreads Across Biz

    TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share. The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts […]

  • India’s PVR Buys Stake in iPic

    India’s PVR Buys Stake in iPic U.S. Luxury Theater Chain

    TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share. The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts […]

  • Fusion Media Group

    Univision Seeking to Sell Minority Stake in Fusion Media Group

    TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share. The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts […]

  • Brett Ratner

    Brett Ratner Steps Down From Simon Wiesenthal Center Board Amid Sexual Misconduct Claims

    TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share. The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts […]

  • Brian Roberts Comcast James Murdoch Fox

    21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest

    TORONTO — Canadian Satellite Communications (Cancom) completed a deal Tuesday issuing 6.72 million common shares on the Toronto Stock Exchange at C$18.25 ($12.33) per share. The proceeds from the issue, after expenses, are about $117.6 million. Cancom stated in a press release that about $18.25 million of that will be used to repay the debts […]

More From Our Brands

Access exclusive content