Securex finalizes purchase of Microtec shares
July 8, 2004
CALGARY, Alberta - Securex Investments, a financial service provider to the security industry, has completed its purchase of shares of Microtec Enterprises - a move that began with an offer to buy 19.9 percent of subordinated voting shares of the struggling alarm provider in April.
In a prepared statement, Securex officials said the acquisition of MicrotecÃ¢â‚¬â„¢s shares may provide a foundation for a strategic alliance between the two companies. The specific percentage of shares Securex holds is a number that falls shy of triggering takeover discussions
Microtec, a provider of home and commercial security systems, has faced a number of financial hurdles this year. The company renegotiated its bank credits in May, and in late June was suspended from trading on the TSX Exchange, CanadaÃ¢â‚¬â„¢s senior market, for failing to meet the marketÃ¢â‚¬â„¢s total market capitalization minimum. Officials at the company have noted that there have been recent attempts to improve its business plan.