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<TITLE>Imperial Parking Form 8-K</TITLE>
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<P align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>

<P align="center"><B>FORM 8-K</B>

<P align="center"><B>CURRENT REPORT</B>

<P align="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>

<P align="center">Date of Report (Date of Earliest Event Reported): <B>June&nbsp;29, 2001</B>

<P align="center"><B>IMPERIAL PARKING CORPORATION</B><BR>
(Exact name of registrant as specified in its charter)

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
        <TD width="38%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="23%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">Delaware</FONT></TD>
        <TD></TD>
        <TD valign="top" align="center"><FONT size="2">1-15629
</FONT></TD>
        <TD></TD>
        <TD  align="center" valign="top"><FONT size="2">31-1537375</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><HR size="1"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
<HR size="1">
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction
of incorporation)</FONT></TD>
        <TD></TD>
        <TD  align="center" valign="top"><FONT size="2">(Commission File Number)
</FONT></TD>
        <TD></TD>
        <TD  align="center" valign="top"><FONT size="2">(I.R.S. Employer
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="60%" align="center">
<TR valign="bottom">
        <TD width="83%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2">601 West Cordova Street, Suite&nbsp;300, Vancouver,
BC, Canada</FONT></TD>
        <TD></TD>
        <TD valign="top" align="center" nowrap><FONT size="2">V6B 1G1</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center" valign="top"><FONT size="2"><HR size="1"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
        <TD></TD>
        <TD  align="center" valign="top" nowrap><FONT size="2">(Zip Code)
</FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="60%" align="center">
<TR valign="bottom">
        <TD width="83%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2">Registrant&#146;s telephone
number, including area
code:</FONT></TD>
        <TD></TD>
        <TD valign="top" align="center" nowrap><FONT size="2">(604)&nbsp;681-7311</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><HR size="1"></FONT></TD>
</TR>
</TABLE>
</CENTER>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>

<P>Former name, former address, and former fiscal year, if changed since last
report:




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<P align="left"><B>Item&nbsp;2. Acquisition or Disposition of Assets</B>

<P>On June&nbsp;29, 2001, Imperial Parking (U.S.), Inc. (&#147;Impark U.S.&#148;), a Delaware
corporation and wholly owned subsidiary of the Registrant, entered into an
agreement to purchase all of the issued and outstanding shares of DLC
Management Group, Inc. (&#147;DLC&#148;) on July&nbsp;1, 2001. DLC is a parking and
transportation services business with management and lease agreements to
operate parking facilities principally in and around Philadelphia,
Pennsylvania. As a result of the acquisition DLC became a wholly owned
subsidiary of the Registrant. The acquisition was completed pursuant to the
terms of a Purchase Agreement, dated June&nbsp;29, 2001, between Impark U.S. and
DLC&#146;s shareholders, all of whom are members of management of DLC. A copy of
the Purchase Agreement is attached as Exhibit&nbsp;2.1.

<P>Consideration payable in cash at closing for the purchase was
$3.9&nbsp;million, representing one-half of what the purchase price
would have been if calculated at a 6.0&nbsp;multiple of the acquired
business&#146; EBITDA for the preceding twelve months, plus approximately $0.75
million for working capital. In addition, the
shareholders of DLC are entitled to additional cash consideration over a period
of five years based on a proportion of the actual operating results of the
acquired business, calculated in accordance with generally accepted accounting
principles, for the twelve month periods ending June&nbsp;30, 2002 through 2006.
Each twelve month period calculation is independent and separable from each
other twelve month period calculation. A multiple of 6.5&nbsp;is
applied to each future twelve month period&#146;s EBITDA and one-tenth of
that amount is payable in cash at that time. If current operating results of the
acquired business were achieved during each of the periods through June&nbsp;30,
2006, the Registrant would be required to make additional payments to the
shareholders of DLC of approximately $1.0&nbsp;million per annum. The actual amount
to be paid for any given year will depend on the actual operating performance
of DLC and is not subject to any limit. However, the shareholders of
DLC are required to make up any shortfall, up to $300,000, in the
EBITDA of the acquired business below $1.3&nbsp;million for any of
the twelve month periods through June&nbsp;30, 2006. The payment of the additional
consideration is not dependent on the continued employment by the Registrant of
the shareholders of DLC. For further details, please refer to a copy of the
Purchase Agreement, which is attached as Exhibit&nbsp;2.1.

<P>The cash utilized in this transaction was obtained from borrowings under Impark
U.S.&#146;s credit facility with HSBC and from existing cash balances.

<P align="left"><B>Item&nbsp;7. Financial Statements and Exhibits</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Financial Statements of business acquired.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Proforma Financial Information.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed herewith:

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<TABLE cellspacing="0" border="0" cellpadding="0" width="80%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>S-K Item</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Number</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="left"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD nowrap align="center"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">2.1</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Amended and Restated Share Purchase Agreement dated June 29, 2001 as amended and restated July 10, 2001
between Imperial Parking (U.S.), Inc. and the shareholders of DLC.
</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.1</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Text of press release dated July&nbsp;2, 2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>

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<P><HR noshade><P>

<P align="center"><B>SIGNATURE</B>

<P>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.

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        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">IMPERIAL PARKING CORPORATION</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date:</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">
July&nbsp;11, 2001
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">By: /s/ J.Bruce Newsome</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
<HR size="1">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><HR size="1"></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">J.Bruce Newsome<BR>
Chief Financial Officer</FONT></TD>
        <TD></TD>
</TR>
</TABLE>
</CENTER>

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<P><HR noshade><P>

<P align="center"><B>EXHIBIT INDEX</B>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>S-K Item</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Number</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="left"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD nowrap align="center"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">2.1</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Amended and Restated Share Purchase Agreement dated June 29, 2001 as amended and restated July 10, 2001
between Imperial Parking (U.S.), Inc. and the shareholders of DLC.
</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.1</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Text of press release dated July&nbsp;2, 2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>

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{"company-data": {"conformed-name": "IMPERIAL PARKING CORP", "cik": "0001103389", "assigned-sic": "7500", "irs-number": "311537375", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15629", "film-number": "1679155"}, "business-address": {"street1": "601 WEST CORDOVA STREET", "street2": "SUITE 300 VANCOUVER V6B 1G1", "city": "BRITISH COLUMBIA", "phone": "6043317200"}, "mail-address": {"street1": "601 WEST CORDOVA STEET SUITE 300", "street2": "VANCOUVER V6B 1G1", "city": "BRITISH COLUMBIA"}}
Imperial Parking Form 8-K
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):
June 29, 2001
IMPERIAL PARKING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
1-15629
31-1537375
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
601 West Cordova Street, Suite 300, Vancouver,
BC, Canada
V6B 1G1
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area
code:
(604) 681-7311
Former name, former address, and former fiscal year, if changed since last
report:
Item 2. Acquisition or Disposition of Assets
On June 29, 2001, Imperial Parking (U.S.), Inc. ("Impark U.S."), a Delaware
corporation and wholly owned subsidiary of the Registrant, entered into an
agreement to purchase all of the issued and outstanding shares of DLC
Management Group, Inc. ("DLC") on July 1, 2001. DLC is a parking and
transportation services business with management and lease agreements to
operate parking facilities principally in and around Philadelphia,
Pennsylvania. As a result of the acquisition DLC became a wholly owned
subsidiary of the Registrant. The acquisition was completed pursuant to the
terms of a Purchase Agreement, dated June 29, 2001, between Impark U.S. and
DLC's shareholders, all of whom are members of management of DLC. A copy of
the Purchase Agreement is attached as Exhibit 2.1.
Consideration payable in cash at closing for the purchase was
$3.9 million, representing one-half of what the purchase price
would have been if calculated at a 6.0 multiple of the acquired
business' EBITDA for the preceding twelve months, plus approximately $0.75
million for working capital. In addition, the
shareholders of DLC are entitled to additional cash consideration over a period
of five years based on a proportion of the actual operating results of the
acquired business, calculated in accordance with generally accepted accounting
principles, for the twelve month periods ending June 30, 2002 through 2006.
Each twelve month period calculation is independent and separable from each
other twelve month period calculation. A multiple of 6.5 is
applied to each future twelve month period's EBITDA and one-tenth of
that amount is payable in cash at that time. If current operating results of the
acquired business were achieved during each of the periods through June 30,
2006, the Registrant would be required to make additional payments to the
shareholders of DLC of approximately $1.0 million per annum. The actual amount
to be paid for any given year will depend on the actual operating performance
of DLC and is not subject to any limit. However, the shareholders of
DLC are required to make up any shortfall, up to $300,000, in the
EBITDA of the acquired business below $1.3 million for any of
the twelve month periods through June 30, 2006. The payment of the additional
consideration is not dependent on the continued employment by the Registrant of
the shareholders of DLC. For further details, please refer to a copy of the
Purchase Agreement, which is attached as Exhibit 2.1.
The cash utilized in this transaction was obtained from borrowings under Impark
U.S.'s credit facility with HSBC and from existing cash balances.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of business acquired.
None.
(b) Proforma Financial Information.
None.
(c) Exhibits.
The following exhibits are filed herewith:
S-K Item
Number
Description
2.1
Amended and Restated Share Purchase Agreement dated June 29, 2001 as amended and restated July 10, 2001
between Imperial Parking (U.S.), Inc. and the shareholders of DLC.
99.1
Text of press release dated July 2, 2001.
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:
July 11, 2001
By: /s/ J.Bruce Newsome
J.Bruce Newsome
Chief Financial Officer
EXHIBIT INDEX
S-K Item
Number
Description
2.1
Amended and Restated Share Purchase Agreement dated June 29, 2001 as amended and restated July 10, 2001
between Imperial Parking (U.S.), Inc. and the shareholders of DLC.
99.1
Text of press release dated July 2, 2001.