An anonymous director reports
HAIVISION ANNOUNCES ADOPTION OF SHAREHOLDER RIGHTS PLAN
Haivision Systems Inc. has adopted a shareholder rights plan with Computershare Investor Services Inc. as rights agent, effective as of March 17, 2023. While the rights plan is effective immediately, it is subject to ratification by the company's shareholders within six months of its adoption. The company will be seeking shareholder ratification of the rights plan at its coming annual general meeting of shareholders on April 26, 2023. If the rights plan is not approved by the shareholders, it will terminate and cease to be effective. Approval of the rights plan at the coming annual general meeting of shareholders is not being proposed in response to or in anticipation of any pending or threatened takeover bid, nor to deter takeover bids generally. The board is not aware of any third party preparing any takeover bid to acquire control of the company.
On March 6, 2023, the company received a non-binding expression of interest from Evertz Technologies Ltd. outlining a proposal to acquire all of the issued and outstanding common shares of the company for $4.50 per share. The Evertz non-binding expression of interest expired on March 9, 2023, and provided that prior to entering into and completing due diligence, Evertz was unable to provide a binding transaction structure or price. As a result of the Evertz non-binding expression of interest, the company has been notified by the Toronto Stock Exchange that the TSX will defer consideration of the acceptance of the rights plan until such time as the TSX is satisfied that the appropriate securities commission will not intervene pursuant to National Policy 62-202 (Take-Over Bids -- Defensive Tactics).
A summary of the principal terms of the rights plan will be included in the management information circular in connection with the coming annual general meeting of shareholders, and a complete copy of the rights plan will be available under the company's profile on SEDAR.
About Haivision Systems Inc.
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Its connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration and support decision making. It provides high-quality, low-latency, secure and reliable live video at a global scale. Haivision open-sourced its award-winning SRT low-latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys for technology and engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of Internet protocol video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago, with offices, sales and support located throughout the Americas, Europe and Asia.
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