📄 reut-00050.xml
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<?xml version="1.0"?><REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="12656" NEWID="473"> <DATE>2-MAR-1987 10:59:16.80</DATE> <TOPICS> <D>earn</D> <D>acq</D> </TOPICS> <PLACES/> <PEOPLE/> <ORGS/> <EXCHANGES/> <COMPANIES/> <UNKNOWN>E F f0832 reuter f BC-multi-step-to-sell 03-02 0108</UNKNOWN> <TEXT> <TITLE>MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES</TITLE> <DATELINE>TORONTO, March 2 -</DATELINE> <BODY><Multi-Step Products Inc>, earlierreporting an initial six month loss, said it agreed to sellwholly owned Multi-Step Manufacturing Inc for 100,000 dlrscash, subject to shareholder and regulatory approval. Multi-Step also said it will pay 900,000 dlrs to cancel711,192 of its own shares, which will be acquired from MichaelPenhale and his benficiaries. Penhale will control and manageMulti-Step Manufacturing, following the transactions. Multi-Step had a 739,146 dlr loss for the six months endedDecember 31. The company received its initial public listing inDecember. The company said its ladder-making unit has been losing300,000 dlrs quarterly. The sale, expected to close in April, also calls forretirement of the unit's 400,000 dlr bank debt, Multi-Stepsaid. The unit also has agreed to pay a debt of 400,000 dlrs toTarxien Company Ltd, which is 40 pct owned by Multi-Step. Multi-Step previously said it agreed to acquire theremaining 60 pct of Tarxien it does not already own. Reuter</BODY> </TEXT></REUTERS>
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