SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : CSI Credit Systems CSU.VSE
CSU 0.670-1.5%Aug 7 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Stephen O who wrote (49)6/4/1999 11:05:00 AM
From: keith schaefer   of 90
 
Royal Bank of Canada - Press release

Royal Bank to acquire CSI Credit Systems

Royal Bank of Canada
RY
Shares issued 313,597,457
1999-06-03 close $67.55
Friday Jun 4 1999
Ms. Jane Sedgewick reports
Subject to certain terms and conditions, Royal Bank, through an indirect wholly
owned subsidiary, will make an offer to acquire all the outstanding common shares
of CSI Credit Systems International Inc. (CSI), for $1.30 cash per share. Under
the terms of an acquisition agreement dated June 3, 1999, between the offeror
and CSI, the board of directors of CSI has agreed to recommend the offer to its
shareholders and to co-operate with Royal Bank to complete the transaction. The
net value of the transaction is estimated at $15-million.
CSI is a Burnaby-based electronic marketing company that specializes in loyalty
marketing solutions for retailers. With CSI's ERNEX point-of-sale software,
merchants can, in addition to processing debit and credit card transactions, offer
customers instant reward points, electronic coupons, electronic gift certificates,
instant redemption and personalized receipt messages. CSI's loyalty programs can
also be easily integrated into a retailer's Web site to ensure that on-line customers
benefit from the same valuable savings and rewards.
"Royal Bank's commitment to our organization is a huge vote of confidence for our
real-time electronic loyalty marketing solutions," says James Christensen, president
and chief executive officer, CSI. "With Royal Bank's backing, our dynamic
e-marketing solutions will continue to set the global standard for electronic loyalty
programs."
"Retailers are demanding more functionality from the existing payment
infrastructure. They want to build stronger relationships by providing customers
with instant gratification from their loyalty programs," says Mark Tonnesen,
executive vice-president, card products and point of sale for Royal Bank. "CSI's
expertise and innovation will be utilized by Royal Bank to deliver multipurpose
point-of-sale equipment that will enable real-time electronic marketing solutions
for merchants. Merchants, in turn, will be able to offer their customers more
personalized rewards."
ERNEX is operating throughout North America in restaurants, retail outlets
including Original Levi's Stores and NIKE, Superstar Group Limited, and resorts
including Blackcomb in Whistler, B.C., and Stratton in Vermont.
Upon successful completion of the offer, CSI will operate as an indirect wholly
owned subsidiary of Royal Bank and remain under its current management. CSI
will continue to offer ERNEX loyalty marketing solutions, loyalty program
consultation and development for retailers.
An offering circular containing details of the offer is expected to be mailed to
registered holders of common shares on or about June 15, 1999. The offer is
being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of
Royal Bank, and is expected to expire at the close of business on July 6, 1999,
unless extended. The transaction is conditional upon, among other things,
regulatory approval and there having been validly deposited under the offer and
not withdrawn at least 75 per cent of the outstanding CSI shares (calculated on a
fully diluted basis). It is anticipated that the transaction will close on or about July
19, 1999, unless extended.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

Royal Bank of Canada -

Royal Bank offers to acquire CSI

Royal Bank of Canada
RY
Shares issued 313,597,457
1999-06-03 close $67.55
Friday Jun 4 1999
See CSI Credit Systems International Inc (CSU) News Release
Mr. J. Caren Holtby reports
CSI Credit Systems International Inc., has declared that, subject to certain terms
and conditions, Royal Bank of Canada, through an indirect wholly owned
subsidiary, will make an offer to acquire all the outstanding common shares of CSI
for $1.30 cash per share. Under the terms of an acquisition agreement, dated as
of June 3, 1999, between the offeror and CSI, the board of directors of GSI has
agreed to recommend the offer to its shareholders and to cooperate with Royal
Bank to complete the transaction.
An offering circular containing details of Royal Bank's offer is expected to be
mailed to registered holders of common shares on or about June 15, 1999. A
directors' circular supporting the transaction will be mailed to the shareholders at
the same time. The offer is being made through 583969 B.C. Ltd., an indirect
wholly owned subsidiary of Royal Bank, and is expected to expire at the close of
business on July 6, 1999, unless extended. The transaction is conditional upon,
among other things, approval and there having been deposited under the offer and
not withdrawn at least 75 per cent of the CSI shares outstanding (calculated on a
fully-diluted basis at the expiry of the offer). It is anticipated that the transaction
will close by July 19, 1999.
If the offer is successful, CSI will operate as an indirect wholly owned subsidiary
of Royal Bank and remain under its current management. CSI will continue to
offer ERNEX loyalty marketing solutions, loyalty program consultation and
development for retailers.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

old url (better for printing)
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext