March 23, 2007
On March 23, 2007, Pala Investments Holdings Limited, through an indirect wholly owned subsidiary, completed by way of take-over bid the acquisition of all of the outstanding units of Norcast Income Fund (TSX:NCF.UN) at a purchase price of $9.30 per unit in cash. The total value of the transaction was approximately $87 million. The transaction was completed pursuant to a support agreement entered into between Pala and the Fund. The Fund, through its operating subsidiary Norcast Castings Company Ltd., is one of the leading producers of grinding mill liners and small grinding media for the mining industry.
Wildeboer Dellelce LLP represented Norcast Income Fund on the transaction with a team including Rory Cattanach, Mark Wilson, James Brown, Lisa Cunningham and Alexandra Vazquez (corporate/securities), Chris Partridge and Susan Mitchell (banking), Kevin Fritz and George Nehme (tax).