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| Aecon purchases subscription receipts offered by Churchill Corp Toronto-based Aecon Group Inc. announced that it has purchased 3,056,000 subscription receipts offered by Churchill Corporation (Churchill) under the terms of that company's recently filed short form prospectus dated June 8, 2010. Aecon purchased the securities for total consideration of $51,188,000 at the offering price of $16.75. Under the terms of the offering, the Subscription Receipts are exchangeable, without the payment of further consideration, into an equivalent number of common shares of Churchill on the completion of Churchill's acquisition of Seacliff Construction Corp. which is expected on or before August 20, 2010. As a result of the purchase, and including additional shares acquired through the facilities of The Toronto Stock Exchange, Aecon will, on the conversion of the Subscription Receipts, hold 3,513,600 common shares or approximately 14.9 percent of the outstanding common shares of Churchill Corporation. write your comments about the article :: © 2010 Construction News :: home page |