Notes to the Consolidated Financial Statements
Years ended December 31, 2008 and 2007 (In thousands of dollars, except per share amounts)
6. Other assets:
| As at December 31 | 2008 | 2007 | ||
| Option to acquire NetThruPut Inc. | $ | 10,265 | 10,265 | |
| Accrued benefit assets (note 9) | 9,631 | 9,600 | ||
| Other assets | 1,209 | 6,004 | ||
| $ | 21,105 | 25,869 |
On September 6, 2007, the Company entered into an agreement with Enbridge Inc. (“Enbridge”) and Circuit Technology Limited (“Circuit”) granting it the option to acquire NetThruPut Inc. (“NTP”) at a time after March 15, 2009. The Company paid $9,500 plus acquisition costs of $765 for the right to acquire all the shares of NTP from its shareholders at a price between $40,000 and $95,000 (note 26). A portion of the purchase price will be satisfied by the issuance of the Company’s shares, for which Toronto Stock Exchange has granted conditional listing approval. This agreement also provides Enbridge and Circuit with the right to sell all the shares of NTP under the same terms to the Company. Exercise of the option by either the Company or NTP’s shareholders is subject to certain closing conditions. The fair value of this option at December 31, 2008 is considered to approximate its carrying value.
