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Slide #15. Loyalist Group Limited — Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc.
Loyalist Group Limited (LOY.CA)
Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc.
Loyalist Group Limited announced that it has completed the acquisition of Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc. The purchase price was $1.75 million with $1.55 million payable in cash in two installments: The first $1.25 million was paid on closing and the balance of $300,000 is due twelve months after closing, subject to adjustment. The remaining $200,000 of the purchase price was satisfied through the issuance of common shares of Loyalist at a price of $0.37 per share, the market price when the purchase was negotiated. The shares will be escrowed for 12 months and released in equal quarterly installments, subject to adjustment.
Loyalist Group owns and operates private education schools both in Toronto and Vancouver offering (i) English as a Second Language Courses for international students; (ii) Training programs for teachers, commonly known as TESL; (iii) Professional Development Courses; and (iv) Corporate English for Professionals.
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