Mr. Evan Brown reports
Carmanah Technologies Corp. today held its special meeting of shareholders and optionholders in which the securityholders were asked to consider and, if deemed advisable, pass a special resolution approving a statutory plan of arrangement involving CMG Acquisition Corp., JDM Investment Holdings Inc. and TMH Capital LP pursuant to Part 9, Division 5, of the Business Corporations Act (British Columbia), whereby CMH will acquire all of the issued and outstanding common shares it does not already own for $7.35 per common share.
To be effective, the arrangement resolution required the approval of at least: (i) two-thirds (66 per cent) of the votes cast by the shareholders at the meeting in person or represented by proxy; (ii) a simple majority of votes cast by shareholders (other than those excluded for the purpose of such vote under the terms of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions present at the meeting in person or represented by proxy; and (iii) two-thirds (66 per cent) of the votes cast by the shareholders and optionholders voting as a single class at the meeting in person or represented by proxy.
The arrangement was approved by 99.65 per cent of the votes cast by shareholders, 99.32 per cent of the votes cast by shareholders excluding the votes cast in respect of common shares held by the shareholders required to be excluded pursuant MI 61-101, and 99.68 per cent of the votes cast by the shareholders and optionholders voting as a single class.
The Supreme Court of British Columbia hearing for the final order to approve the arrangement is expected to occur on Aug. 15, 2019, and closing of the arrangement is expected to occur on Aug. 16, 2019, subject to final approval by the court.
About Carmanah Technologies Corp.
Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED products for infrastructure.
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