Securex finalizes purchase of Microtec shares
By SSN Staff
Updated Thu July 8, 2004
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 Microtec’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, Canada’s senior market, for failing to meet the market’s total market capitalization minimum. Officials at the company have noted that there have been recent attempts to improve its business plan.
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