SGF sells 1,023,000 shares in Miranda Technologies
Montréal, May 19, 2006 - Société générale de financement du Québec (SGF) announces that 1,023,000 of its shares in Miranda Technologies Inc., held through affiliate SGF Tech, have been sold on the Toronto Stock Exchange. The transaction brings SGF’s return on its total investment in Miranda Technologies to 17%.
The shares were sold for gross consideration of $18.15 per share. Before the sale, SGF Tech held 3,068,787 common shares in Miranda, representing 12.8% of common shares outstanding at the time. SGF Tech’s holdings now total 2,045,787 shares, or 8.5% of the total of Miranda common shares outstanding.
SGF is proud to have accompanied Miranda up to this watershed moment in its corporate growth. Since 2000, SGF has invested a total of $28.5 million in the firm, an increasingly competitive player in the highly specialized field of digital broadcast technologies.
SGF builds on the quality and scope of projects and their sustainable impacts on economic development in Québec. In addition to financial considerations, SGF also assesses every potential investment project in terms of its potential for technological progress, job creation and development of qualified workforces.
Miranda develops, manufactures and markets high-performance hardware and software for the television broadcast industry. Its solutions are purchased by content creators, broadcasters, specialty channels and television service providers to enable and enhance the transition to a complex multi-channel digital and high definition television (HDTV) broadcast environment. Miranda’s roster of clients includes several leading broadcasting institutions around the world, among them ABC/Disney, BBC Broadcasting, Canal +, Radio-Canada/CBC, ESPN, NBC Universal, PBS and Verizon.
Founded in 1989, the company has seen its staff grow from 50 to more than 400, the majority of whom work at its head office in the Montréal borough of Saint-Laurent. Miranda also has offices in the United States, Europe and Asia.
Subject to the restrictions stipulated in the lockup agreement signed in December 2005 and summarized in previous statements, SGF Tech may proceed with disposal of shares in Miranda in the normal course of its activities. As of the date of this release, SGF Tech does not intend to sell further common shares in Miranda.
Société générale de financement du Québec (SGF) is an industrial and financial holding company. Its mission is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Québec’s economic development policy.
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Source : Marie-Claude Lemieux
Senior Advisor, Communications
Société générale de financement du Québec