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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): DECEMBER 27, 2000
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IMPERIAL PARKING CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-15629 31-1537375
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
601 West Cordova Street, Suite 300
Vancouver, BC, Canada V6B 1G1
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(Address of principal executive offices/Zip Code)
Former name, former address, and former fiscal year, if changed since last
report:
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ITEM 5. OTHER EVENTS
On December 27, 2000, the Registrant issued the following press release:
Imperial Parking Corporation Announces Repurchase of Shares Held by Apollo Real
Estate
VANCOUVER, British Columbia - December 27, 2000 -- Imperial Parking Corporation
("Impark" or the "Company") (AMEX:IPK) today announced that it has repurchased
all of the Company's outstanding common shares held by the Apollo Real Estate
group of funds for a total price of approximately $3,550,000.
The Company repurchased 215,094 shares in total, being approximately 10.2% of
all outstanding shares of Impark, at a purchase price of $16.50 per share. The
shares were collectively owned by Apollo Real Estate Investment Fund II, L.P.,
Apollo Real Estate Advisers II, L.P. and other entities controlled by the Apollo
Real Estate group.
Charles Huntzinger, Impark's President and Chief Executive Officer, stated, "Our
Board is confident that the repurchase of this substantial block of shares is a
good investment for the Company. We have a strong balance sheet, no bank debt
and a solid cash position. We believe that the Company's common shares are
undervalued at the current price and, following this repurchase, we will still
have the financial flexibility to implement our growth plans."
On October 20, 2000, Impark also announced a stock repurchase program of up to
$1,000,000 of outstanding common stock. Under the repurchase program, the
Company to date has repurchased 31,370 shares for an aggregate cost of $509,000.
Impark closed at a price of $16.56 per share on December 26, 2000. Following the
Apollo repurchase and all other repurchases to date under the Company's stock
repurchase program, the Company will have approximately 1.85 million shares
outstanding.
Imperial Parking Corporation (AMEX:IPK) is a leading provider of parking
services in North America. Based in Vancouver, British Columbia, as of September
30, 2000 Impark owned, leased or managed over 1,400 parking facilities and lots
in Canada and the United States, containing more than 250,000 parking spaces.
This press release contains projections and other forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the Company's current views with respect to
future events and financial performance. No assurance can be given, however,
that these events will occur or that these projections will be achieved and
actual results could differ materially from those projected, as a result of
certain factors. A discussion of these factors is included in the Company's
filings with the Securities and Exchange Commission.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of business acquired.
None.
(b) Proforma Financial Information.
None.
(c) Exhibits.
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMPERIAL PARKING CORPORATION
Date: December 27, 2000 By: /s/ J. Bruce Newsome
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J. Bruce Newsome
Chief Financial Officer
