FinTech Ventures Fund, LLLP, managed by Qwave Capital LLC, Palos Capital Corporation and NB Specialty Finance Fund LP, managed by Neuberger Berman Investment Advisers LLC completed the acquisition of remaining 53.92% stake in IOU Financial Inc.
The Arrangement Agreement was approved unanimously by the IOU board of directors, after taking into account, among other things, the unanimous recommendation of a special committee (the "Special Committee") of the Board comprised of Evan Price, Yves Roy, Neil Wolfson and Kathleen Miller, each an independent director of the Company. The Special Committee and the Board determined that the Arrangement is in the best interests of IOU and recommend that shareholders of IOU vote in favour of the Arrangement at the Meeting. The Arrangement is to be effected by way of a court-approved plan of arrangement pursuant to the Business Corporations Act (Québec) and is expected to close in the third quarter of 2023, subject to shareholder, court and regulatory approvals and other customary closing conditions. In order to be approved by IOU shareholders at the Meeting, the Arrangement will need the approval of at least two thirds of the votes cast at the Meeting. IOU Financial shareholders approved the transaction on September 12, 2023 and IOU will present its application for a final order to the Superior Court of Québec on September 15, 2023. IOU Financial Inc. Obtains Final Order Approving Plan of Arrangement. Subject to the Court's approval and certain customary closing conditions, closing is currently expected to occur in the following weeks. Closing of the Arrangement is expected to occur on or about September 22, 2023.
Davies Ward Phillips & Vineberg LLP is acting as legal advisor to the Company and Blake, Cassels & Graydon LLP is acting as independent legal advisor to the Special Committee. Evans & Evans, Inc. is acting as financial advisor to the Special Committee and has provided a fairness opinion and an independent valuation in connection with the Arrangement. Stikeman Elliott LLP is acting as legal advisor to Neuberger and the Purchaser. McMillan LLP is acting as legal advisor to Palos. Morrow Sodali (Canada) Ltd. Acted as an information agent for IOU. Computershare Investor Services Inc. acted as Transfer Agent and Depository for IOU.
FinTech Ventures Fund, LLLP, managed by Qwave Capital LLC, Palos Capital Corporation and NB Specialty Finance Fund LP, managed by Neuberger Berman Investment Advisers LLC completed the acquisition of remaining 53.92% stake in IOU Financial Inc on September 29, 2023.