Toronto, Ontario – November 30, 2006: Aecon Group Inc. (“Aecon”) (TSX:ARE) today announced completion of the previously disclosed transaction whereby Hochtief AG sold all of its shares in Aecon to a syndicate of underwriters.
On November 13, 2006 Aecon announced that it, along with Hochtief AG and certain of its subsidiaries that hold common shares of Aecon (collectively, “Hochtief”), had entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Paradigm Capital Inc., and including Raymond James Ltd., pursuant to which the underwriters agreed to purchase all of Hochtief's 16,576,896 Aecon common shares at a price of $6.30 per common share for aggregate gross proceeds to Hochtief of $104,434,444.80 (the “Offering”). Aecon did not receive any proceeds from the Offering.
In connection with the closing, Aecon also announced the resignation of two members of its Board of Directors: Dr. Ing. Herbert Luetkestratkoetter and Dr. Martin Rohr. Both retiring directors are members of the executive board of Hochtief AG. Dr. Luetkestratkoetter was recently appointed deputy chairman of the executive board and will become its chairman in April, 2007.
“Hochtief has been a valued shareholder and partner over the past seven years, and I'd like to personally thank both Dr. Luetkestratkoetter and Dr. Rohr for the significant contribution they have made to Aecon,” said John M. Beck, Aecon's Chairman and CEO. “Today, Aecon is facing a very bright future, and I'd like to acknowledge Hochtief's contribution at the same time as I welcome the many new shareholders this deal brings to Aecon.”
The common shares under the Offering were offered by way of a short form prospectus in the provinces of Ontario, Alberta, Manitoba, Quebec and British Columbia and in the United States only on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended.
Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company.
Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. The Company's shares are listed for trading on the Toronto Stock Exchange under the symbol ARE.