Material Change Report: Acquisition of Chris Truck Line by Vitran Corporation Inc.
Vitran Corporation Inc. has acquired all common shares of R.A. Christopher, Inc. and Kansas Motor Freight Corp., collectively known as Chris Truck Line, based in Wichita, Kansas. The purchase, completed on May 31, 2005, was valued at $29.3 million, consisting of $2.8 million in Vitran shares and $26.5 million in cash. This acquisition expands Vitran’s freight network in the Midwestern and Southwestern United States by adding 13 new terminals.
Material Change Report
Item 1. Reporting Issuer
Vitran Corporation Inc.
185 The West Mall, Suite 701
Toronto, Ontario
M9C 5L5
Item 2. Date of Material Change
May 31, 2005
Item 3. Press Release
The Press Release was issued on May 31, 2005 and disseminated by CCN Matthews. The Press Release was filed with SEDAR and EDGAR on May 31, 2005.
Item 4 Summary of Material Change
Vitran Corporation Inc. (Vitran) acquired all the common shares of R.A. Christopher, Inc. and Kansas Motor Freight Corp., collectively doing business as Chris Truck Line, based out of Wichita, Kansas.
Item 5 Full Description of Material Change
On May 31, 2005 Vitran, through its wholly-owned subsidiary Vitran Corporation, acquired all of the common shares of Kansas-based regional less-thantruckload freight carrier Chris Truck Line for total consideration of $29.3 million, comprised of $2.8 million of Vitran common shares and $26.5 million of cash. Chris Truck Line will provide Vitran additional coverage to the Midwestern and Southwestern United States and add 13 new terminals to Vitrans network.
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Confidentiality is not requested.
Item 7 Omitted Information
Information has not been omitted with respect to the material change.
Item 8 Senior Officer
Sean P. Washchuk, Vice President Finance and Chief Financial Officer, 416 ###-###-####
Item 9 Date of Report
DATED this 3rd day of June, 2005
Vitran Corporation Inc.
By: | /s/ SEAN P. WASHCHUK | |
Sean P. Washchuk Vice President Finance and Chief Financial Officer | ||