Securex finalizes its purchase of MicrotecÃ¢â‚¬â„¢s common shares
CALGARY, Alberta - Securex Investments, a financial service provider to the security industry, has completed its purchase of shares of Microtec Enterprises - a move that began with an offer to buy 19.9 percent of subordinated voting shares of the struggling alarm provider in April.
Len Suderman, president of Securex, said the company looked to garner a relationship with Microtec because of its vital place in CanadaÃ¢â‚¬â„¢s security industry.
Ã¢â‚¬Å“This was an opportunity to acquire a significant stake in a major player in the Canadian market,Ã¢â‚¬Â Suderman said, also noting that this move may help Securex secure its position in the market as well.
Although the company, now the third-largest shareholder in Microtec, currently does not have a position on the board of directors, Suderman said that may be a possibility in the future. But for now, Securex is comfortable in its current role.
Ã¢â‚¬Å“We are trying to look at ways to provide guidance,Ã¢â‚¬Â Suderman said. Ã¢â‚¬Å“And to help them increase capital and assist with their recapitalization plans.Ã¢â‚¬Â
Microtec, a provider of home and commercial security systems, has faced a number of financial hurdles this year.
The company renegotiated its bank credits in May and in late June was suspended from trading on the TSX Exchange, CanadaÃ¢â‚¬â„¢s senior market, for failing to meet the marketÃ¢â‚¬â„¢s total market capitalization minimum. But officials at the company have noted that there have been recent attempts to improve its business plan.