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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) September 5, 1996
THE LOEWEN GROUP INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
British Columbia, Canada 0-18429 98-0121376
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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4126 Norland Avenue, Burnaby, British Columbia V5G 3S8
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code 604-299-9321
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index is on page 3
Page 1 of 5
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ITEM 5. OTHER EVENTS.
Pursuant to Form 8-K, General Instructions F, registrant hereby incorporates by
reference the press release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
Exhibit No. Description
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Exhibit 99 The Loewen Group Inc. Press Release dated
September 5, 1996
SIGNATURES
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.
Dated: September 5, 1996
THE LOEWEN GROUP INC.
By: Peter S. Hyndman
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Name: Peter S. Hyndman
Title: Corporate Secretary
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EXHIBIT INDEX
Sequential
Number Exhibit Page Number
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99 The Loewen Group Inc. 4
Press Release dated September 5, 1996
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September 5, 1996 Media Contacts:
Dave Laundy, VP, Communications
(604) 293-7857
Jim O'Brian
Broadgate Consultants
(212) 229-2222
Investor Contacts:
Paul Wagler, Senior VP, Finance
Dwight Hawes, VP, Finance
(800) 347-7010
Stock Symbols:
Nasdaq: LWNG
TSE: LWN
ME: LWN
(All amounts listed in U.S. dollars)
FOR IMMEDIATE RELEASE
THE LOEWEN GROUP INC. PLANS NEW YORK STOCK EXCHANGE LISTING
BURNABY, B.C., SEPTEMBER 4, 1996 -- The Loewen Group Inc. today announced that
it expects to list its common shares on the New York Stock Exchange effective
in early October, subject to final NYSE approval. Loewen common shares will
trade on the NYSE under the stock symbol LWN.
The Company's common shares will continue to trade on The Nasdaq National
Market until the NYSE listing becomes effective. Loewen common shares also
trade on The Toronto Stock Exchange and the Montreal Exchange in Canada.
The Loewen Group is the second largest funeral service company in North America
providing professional care for consumers and quality succession planning to
independent owners of funeral homes and cemeteries.
"The move to the New York Stock Exchange reflects The Loewen Group's growth and
maturity as a company, particularly in the U.S. where we generate well over 90
per cent of our revenues," said Ray Loewen, Chairman and Chief Executive
Officer. "We believe that the NYSE listing is consistent with our commitment
to building shareholder value by providing greater visibility as well as
improved liquidity for our shares, which in turn will give us better access to
capital while attracting new investors."
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For the six months ending June 30, 1996 the Company reported record revenues of
$416.2 million, up 55 per cent from $286.3 million for the same period in 1995.
Net earnings increased to a record $36.7 million, up 39 per cent over the same
period in 1995.
The Company continues its aggressive acquisition program and to date in 1996
has acquired 113 funeral homes, 87 cemeteries and two insurance companies, with
an aggregate purchase price of approximately $422 million. In addition, the
Company has signed agreements for the acquisition of 53 additional funeral
homes and 55 cemeteries for an estimated aggregate purchase price of $186
million.
"We expect to complete more than $600 million of acquisitions in 1996, another
record year," said Mr. Loewen.
Last week the Company completed an innovative transaction with New York-based
Blackstone Capital Partners II Merchant Banking Fund L.P. to acquire North
America's fourth largest funeral services company, Prime Succession Inc. of
Indiana, for a total price of $320 million. Loewen's strategic investment
includes a 24 per cent interest in the new venture and an option to purchase
Blackstone's interest after four years.
Financing for the Company's continuing acquisition program has included to date
$382 million in new equity, $350 million of senior public debt and a new bank
revolving facility of $750 million.
The Loewen Group Inc. listed on The Toronto Stock Exchange in 1987, began
expanding into the U.S. that same year and listed on The Nasdaq National Market
in 1990. During the past 10 years, revenues increased from approximately $14
million in 1986 to $600 million in 1995. Despite a high level of acquisition
activity over the past few years, the funeral service industry remains
fragmented, with considerable opportunity for corporate expansion. Independent
operators continue to own approximately 90 per cent of the 23,500 funeral homes
in the U.S. and Canada and about 93 per cent of the estimated 10,500 commercial
cemeteries.
The Loewen Group, with corporate offices in Burnaby, British Columbia and in
Cincinnati and Philadelphia, has 926 funeral homes and 263 cemeteries with more
than 13,000 employees.
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