JUM now intends to finance part of the acquisition cost through a private placement of not less than $8 million (formerly $4.
The JUM Board of Directors has approved the acquisition on its revised terms as set out in the amended and restated agreement.
In connection with the special meeting, JUM has prepared a management information circular which will be mailed on or about November 3, 2004 to shareholders of record of JUM as of October 20, 2004.
Assuming the required shareholder and other approvals are obtained, and other closing conditions are satisfied or waived, JUM anticipates that the transaction will close by the end of November 2004.
JUM previously announced that it had, on September 20, 2004, entered into a definitive agreement to acquire all of the shares of West 49 Inc.
Implicit in this information are assumptions which, although considered reasonable by JUM at the time of preparation, may prove to be incorrect.
JUM had previously entered into a non-binding letter of intent to acquire West 49, which was announced on August 3, 2004.
The Board of Directors of JUM constituted a committee of independent directors to review the proposed acquisition.
has delivered an independent valuation and fairness opinion to the special committee and has concluded that the transaction is fair, from a financial point of view, to JUM and its shareholders, other than those related, directly or indirectly, to the shareholders of West 49.