18:35:55 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Dundee Acquisition Ltd
Symbol DAQ
Shares Issued 11,230,000
Close 2017-01-17 C$ 10.02
Market Cap C$ 112,524,600
Recent Sedar Documents

Dundee Acquisition founders forfeit 75% of their shares

2017-01-20 12:51 ET - News Release

Mr. Jonathan Turnbull reports

DUNDEE ACQUISITION LTD. ANNOUNCES ADDITIONAL FORFEITURE OF CLASS B SHARES AND FILING OF AMENDMENT TO CIRCULAR

The founders of Dundee Acquisition Ltd., being Dundee Corp. and the independent directors of Dundee Acquisition, subject to the consent of the Toronto Stock Exchange, have agreed to reduce the value of their founders' shares by 75 per cent of what they currently own by giving up 2,186,390 Class B shares of Dundee Acquisition, including all of their originally forfeitable Class B shares. The founders will retain only 728,797 Class B shares, equivalent to 25 per cent of what they currently own, of which the three independent directors of Dundee Acquisition will each hold a total of 8,000 Class B shares and Dundee Corp. will hold the remaining 704,797 Class B shares. Dundee Corp. has further agreed that its remaining 704,797 founders' shares, following completion of the arrangement, will be earn-in shares subject to the value of the common shares of Canadian Student Living Group Inc. (the CSL shares) (based on the closing prices of such CSL shares) equaling or exceeding (i) $11.50 per CSL share (as adjusted for stock splits or combinations, stock dividends, extraordinary dividends, reorganizations, and recapitalizations) for 50 per cent of such founders' shares held for any 20 trading days within a 30-day trading period, which conditions must be met by the fifth anniversary of the closing of the arrangement (as described in the circular), failing which such shares will be forfeited; and (ii) $13.50 per CSL share (as adjusted for stock splits or combinations, stock dividends, extraordinary dividends, reorganizations, and recapitalizations) for the remaining 50 per cent of the founders' shares held for any 20 trading days within a 30-trading day period at any time after the fifth anniversary of the closing of the arrangement. The above changes are conditional on (and at the time of) closing of the proposed acquisitions described in Dundee Acquisition's management information circular dated Nov. 25, 2016, as amended pursuant to amendment No. 1 to the circular dated Dec. 28, 2016.

Dundee Acquisition has also filed an amendment No. 2 to the circular dated Jan. 20, 2017, describing the forfeiture of the Class B shares. Copies of the circular and all amendments will be available on SEDAR under Dundee Acquisition's profile, on Dundee Acquisition's website and at the meeting.

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