The board of directors of Strategic Value Corporation (SVC), one of the last large independent mutual fund organizations in the country, recommended on April 10, 2000 that shareholders vote in favour of a plan of arrangement whereby a wholly-owned subsidiary of Nova Bancorp Group, an associate of the Caisse de dépôt et placement du Québec, will acquire all of the issued and outstanding class A and non-voting class B common shares of SVC at a price of $3.25 per share. Mark Bonham, the founder, Chairman and CEO of SVC, and Investec Group Ltd., the two principal shareholders of SVC, have each entered into lock-up agreements vote in favour of the plan of arrangement.
Jon Levin and Peter Ascherl of Fasken Martineau DuMoulin LLP are representing Strategic Value in the transaction. Nova Bancorp is being represented by Stikeman Elliott with a team led by André Roy. Martin Rabinovitch of Lang Michener is representing Mr. Bonham. Alfred Page of Borden Ladner Gervais LLP is representing Investec.