TORONTO, Feb. 26 /CNW/ - Cara Operations Limited ("Cara") announced that the going private transaction (the "Going Private Transaction") approved by Shareholders at the Special Meeting of Cara's Shareholders held on February 24, 2004 was completed on February 25, 2004.
Registered holders of Cara's Common Shares and Class A Non-Voting Shares must send their share certificates and duly completed letter(s) of transmittal to Computershare Trust Company of Canada in accordance with the instructions provided in Cara's Management Information Circular dated January 6, 2004 in order to receive the payment of $8.00 per share to which they are entitled under the Going Private Transaction. Shareholders who do not hold their shares in their own name should consult their financial advisor or broker.
"We are delighted with the outcome and to have this process finally behind us. Our teammates now can focus on collectively writing the next chapter in Cara's long and successful history. However, there will be no mystery. Our focus will remain on serving and delivering great food and products to our guests and customers on every occasion and on the development of our teammates and businesses." commented Gabe Tsampalieros, Cara's President and Chief Executive Officer and a member of the Acquiring Group.
In connection with the completion of the Going Private Transaction, Cara's outstanding Series A Medium Term Notes were redeemed in accordance with their terms on Wednesday, February 25, 2004.
With annualized system sales of in excess of $1.8 billion, Cara Operations Limited, is one of Canada's leading integrated restaurant companies, and the largest operator of full service restaurants in Canada, providing employment for approximately 39,000 Canadians in its owned and franchised operations. Cara's wholly owned businesses include Swiss Chalet, Harvey's, Second Cup, Kelsey's Neighbourhood Bar & Grill, Montana's Cookhouse, and as a franchisee, Outback Steakhouse Restaurants in eastern Canada; Cara Air Terminal Restaurant Division; Cara Airport Services Division; and Summit Food Service Distributors Inc. Cara also owns 74% of Milestones Restaurants Inc. Cara is a values-based organization and is listed on the Toronto Stock Exchange under the symbols CAO and CAO.A.
/For further information: please contact: Cara Operations Limited, 6303 Airport Road, Mississauga, Ontario, L4V 1R8, Gabriel T. Tsampalieros, President and Chief Executive Officer, (905) 405-6670/
