UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 pr 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) January 4, 2002
INTERUNION FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-28638 87-0520294
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(State or other jurisdiction (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
1232 N. OCEAN WAY PALM BEACH, FL 33480
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(Address of principal executive offices) (Zip Code)
(561) 845-2849 (561) 844-0517
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(Issuer's telephone number) (Issuer's telecopier number)
ITEM 2 - DISPOSITION OF ASSETS
On December 20, 2001, InterUnion Financial Corporation ("InterUnion" or the
"Company"), sold its 42.8% owned subsidiary and main asset, InterUnion Asset
Management Limited ("IUAM"), to AMIC Canada Limited ("AMIC"), a wholly owned
subsidiary of Asset Management Investment Company, PLC, a corporation registered
in England and Wales.
IUAM, based in Toronto, Canada, manages approximately C$1.5 billion for
institutions and individuals. The Company had previously sold the controlling
interest of IUAM to Working Ventures Fund of Canada ("Working Ventures") for
C$10 million in March 1999.
AMIC paid C$10,550,000 in cash to the shareholders of IUAM: the Company and
Working Ventures, and assumed the C$3,500,000 Convertible Preferred Debenture
owed by IUAM to one of its investee companies. The Company received 75% of the
pro-rata proceeds on December 20, 2001 and will receive the 25% remainder, which
is held in escrow, pending the issuance of a certificate under Section 116 of
the Income Tax Act (Canada).
The shareholders of IUAM agreed to pay a C$300,000 commission to IUAM's
President, Chief Executive Officer and Director, Selwyn Kletz, and to its Chief
Financial Officer, Russell Lindsay.
The nominees of the Company on the Board of Directors of IUAM resigned on
closing.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
INTERUNION FINANCIAL CORPORATION
Date: January 4, 2002 By: /s/ Georges Benarroch
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Georges Benarroch, Director
Date: January 4, 2002 By: /s/ Muriel Woodtli
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Muriel Woodtli, Director