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News

CAE Inc. succeeds in takeover offer for Engenuity Technologies Inc.

CAE Inc. And 4341392 Canada Inc. announced that the cash offer made to purchase all of the issued and outstanding common shares of Engenuity Technologies Inc. including common shares issuable upon the exercise of outstanding options has been successfully completed. The Offeror will control, upon take-up of the Engenuity Common Shares deposited in the Offer, approximately 85.4% of the issued and outstanding Engenuity Common Shares.

CAE has advised Engenuity that 14,902,225 Engenuity Common Shares representing approximately 85.4% of the outstanding Engenuity Common Shares were validly tendered to the Offer as at 5:00 p.m. (Montreal time) on March 30, 2007.

As all conditions to the Offer have been satisfied, the Offeror has instructed the Depositary, Computershare Investor Services Inc., to take up and pay for all of the Engenuity Common Shares deposited to the Offer on the basis of Cdn. $1.20 per Engenuity Common Shares. Payment to Engenuity shareholders who deposited their Engenuity Common Shares to the Offer is expected to be made on or about April 3, 2007.

In order to acquire 90% of the outstanding Engenuity Common Shares (as required to effect a compulsory acquisition of the Engenuity Common Shares not deposited to the Offer), the Offeror has extended the Offer to enable those shareholders who have not yet tendered to deposit their Engenuity Common Shares to the Offer. The Offer, as extended, will now expire at 8:00 a.m. (Montreal time) on April 13, 2007. If less than 90% of the Engenuity Common Shares are deposited, the Offeror intends to effect a subsequent acquisition transaction to acquire the remaining Engenuity Common Shares, as described in the take-over bid circular.

Upon completion of the compulsory acquisition or subsequent acquisition transaction, the Offeror intends to de-list the Engenuity Common Shares from the Toronto Stock Exchange and to cause Engenuity to apply to securities regulatory authorities to cease to be a reporting issuer.

The Offer was first announced on February 12, 2007 and the take-over bid circular in respect of the Offer was mailed to the shareholders of Engenuity on February 22, 2007.

 [April 2, 2007]


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