00:33:27 EDT Thu 16 May 2024
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Zoommed to distribute 5 M KDA Group shares

2023-12-18 15:47 ET - News Release

An anonymous director reports

ZOOMMED ANNOUNCES DISTRIBUTION TO ITS SHAREHOLDERS OF 5 MILLION COMMON SHARES IT HOLDS IN KDA GROUP

Following the shareholder approval obtained at Zoommed Inc.'s annual and special meeting held on July 25, 2023, the corporation's board of directors and the management of the corporation have determined that, under these circumstances, it is in the best interest of the corporation to distribute, following the completion of the asset sale, to the shareholders of the corporation all or part of the consideration received in the transaction of June 23, 2023, at a presumed market value at the time of the distribution payment and the board of directors of the corporation has been authorized to proceed with the distribution, on Dec. 22, 2023, of five million Class A ordinary shares of KDA Group Inc. to its shareholders at the record date of Dec. 18, 2023, as a reduction of the stated capital account of the corporation's Class A common shares. This distribution represents the consideration to be received by the shareholders of the corporation upon closing of the sale to the public company KDA Group of substantially all of the assets of the corporation and its subsidiaries. The transaction and the distribution are described in full in the corporation's proxy circular dated June 23, 2023, which is available on SEDAR-plus.

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