03:32:47 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Newfoundland Capital Corp Ltd
Symbol NCC
Shares Issued 21,524,933
Close 2018-10-22 C$ 14.42
Market Cap C$ 310,389,534
Recent Sedar Documents

Stingray, Newfoundland Capital receive CRTC OK for deal

2018-10-23 13:11 ET - News Release

See News Release (C-RAY) Stingray Digital Group Inc

Mr. Robert Steele reports

STINGRAY AND NEWFOUNDLAND CAPITAL RECEIVE CRTC APPROVAL

Canadian Radio-television and Telecommunications Commission (CRTC) has authorized the transaction announced on May 2, 2018, pursuant to which Stingray Digital Group Inc. will acquire the shares of Newfoundland Capital Corp. Ltd.

As such, all regulatory approvals required to complete the transaction have been obtained, and the transaction is expected to close on or about Oct. 26, 2018.

Based on the number of issued and outstanding shares of Newfoundland Capital, each shareholder of Newfoundland Capital is expected to receive approximately 0.15371 Stingray subordinate voting share (or Stingray variable subordinate voting shares, as applicable) and approximately $13.17 in cash for each share of Newfoundland Capital owned. No fractional shares will be issued, and Stingray will settle any fractional shares in accordance with the terms of the arrangement agreement entered into on May 2, 2018.

A detailed description of the transaction is set forth in the Newfoundland Capital management information circular dated May 23, 2018. Shareholders can obtain a copy of the circular as filed with applicable Canadian securities regulatory authorities on SEDAR.

Letters of transmittal were mailed to registered shareholders of Newfoundland Capital along with the circular and are also available on SEDAR. The letters of transmittal explain how registered Newfoundland Capital shareholders who hold their shares in physical certificate form can deposit and obtain payment for their Newfoundland Capital shares once the transaction is completed. Registered Newfoundland Capital shareholders must return their duly completed letters of transmittal to AST Trust Company (Canada) in order to receive the consideration to which they are entitled for their Newfoundland Capital shares. Non-registered shareholders who hold shares in brokerage accounts or with other financial intermediaries should carefully follow the instructions from their broker or other financial intermediary that holds Newfoundland Capital shares on their behalf. Qualifying Newfoundland Capital shareholders who have provided notice to Stingray as described in the circular that they have elected to transfer their Newfoundland Capital shares to a "qualifying holdco" in exchange for qualifying holdco shares and to sell the qualifying holdco shares to Stingray will receive a separate letter of transmittal from Stingray.

About Stingray Digital Group Inc.

Stingray Digital Group is the world-leading provider of multiplatform music and video services as well as digital experiences for pay-TV operators, commercial establishments, over-the-top providers, mobile operators, consumers and more. Stingray Digital Group's services include audio television channels, premium television channels, 4K UHD television channels, karaoke products, digital signage, in-store music and music apps. Stingray Digital Group reaches 400 million subscribers (or users) in 156 countries and its mobile apps have been downloaded over 100 million times. Stingray Digital Group is headquartered in Montreal and currently has close to 400 employees worldwide.

About Newfoundland Capital Corp. Ltd.

Newfoundland Capital owns and operates Newcap Radio, which is one of Canada's leading radio broadcasters, with 101 broadcast licences (72 radio stations and 29 repeating signals) across Canada. The company reaches millions of listeners each week through a variety of formats, and is a recognized industry leader in radio programming, sales and networking.

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