GIL Gildan Activewear Inc

Cordy Oilfield Services Inc. ("the "Corporation" or "Cordy") (TSX VENTURE:CKK)
announces that it has received from Geosam Investments Limited ("GIL") an
expression of GIL's intention to make an offer to acquire by way of a takeover
bid all of the issued and outstanding shares of the Corporation not owned by GIL
at the price of $0.20 per share in cash. GIL advised that in the event that it
does make such an offer, the price of $0.20 would be subject to adjustment on a
dollar for dollar basis should the costs incurred by Cordy in connection with
such offer exceed $150,000. GIL further advised that such an offer would be
subject to conditions customary for a transaction of this nature. Such an offer
would be considered to be an insider bid under TSX Venture Exchange Policy 5.9
Protection of Minority Security Holders in Special Transactions due to the
relationship of George Armoyan, a director of Cordy, to GIL.


The Board of Directors of the Corporation has constituted a Special Committee of
independent directors to investigate and evaluate strategic alternatives
available to the Corporation, including but not limited to, the alternative
presented by GIL. In addition to taking other steps to carry out its mandate,
the Special Committee will retain an independent valuator to prepare the formal
valuation of Cordy that would be included in the offer to purchase and takeover
bid circular which may be issued by GIL.


Cordy Oilfield Services Inc. owns businesses in Alberta and British Columbia in
the construction, environmental, manufacturing and pipeline sectors and is
focused on implementing strategic and organic growth strategies and increasing
its focus on the oil sands which could utilize all its business units.


Forward-Looking Statements

This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking information or
statements. More particularly and without limitation, this news release contains
forward looking statements and information concerning the intention of GIL to
make an offer to acquire by way of a takeover bid all of the issued and
outstanding shares of the Corporation not owned by GIL at the price of $0.20 per
share in cash (subject to adjustment). The forward-looking statements and
information are based on representations made to Cordy by GIL. As such, undue
reliance should not be placed on the forward looking statements and information
because Cordy can give no assurance that they will prove to be correct. By its
nature, such forward-looking information is subject to various risks and
uncertainties. These risks and uncertainties may include, but are not limited
to, whether any conditions that GIL may have for making such an offer are
satisfied. Readers are cautioned not to place undue reliance on this
forward-looking information. There is no assurance that GIL will make an offer
to acquire all of the issued and outstanding shares of the Cordy not owned by
GIL at the price of $0.20 per share in cash or that other alternatives will be
available to Cordy. Cordy undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, except as required by law.

Gildan Activewear (TSX:GIL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Gildan Activewear (TSX:GIL)
Historical Stock Chart
From Jul 2023 to Jul 2024