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

  • Directv Latin America - Vrio

    AT&T Cancels IPO for DirecTV Latin America Unit

    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 […]

  • MedMen Marijuana Dispensary

    Can Capitalism Find High Times as California Embraces Pot?

    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 […]

  • Bill Cosby

    Key Defense Witness Takes Stand at Bill Cosby Retrial

    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 […]

  • Teamsters' Seniority System Not a Good

    Teamsters' Seniority System May Not Work Well for Other Crafts, Guilds

    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 […]

  • Daniel Fellman Bill Mechanic

    Daniel Fellman to Replace Bill Mechanic on Academy Board of Governors

    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 […]

  • CBS Viacom Merger Les Moonves Shari

    Is CBS Ready to Make a Deal in Viacom Merger Saga?

    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