Lyle Wood, Andrew Pernal, Michael Donovan and Shane Hopkie as well as certain other employees of Strad Inc. entered into an arrangement agreement to acquire 79.5% stake in Strad Inc. (TSX:SDY) for approximately CAD 100 million on February 23, 2020. The buyers will pay CAD 2.39 per share in exchange for each Strad share, each outstanding in-the-money option except the ones held by the buyers will be exchanged for a payment equal to the difference between the exercise price of such Strad option and the offer per share and the out-the-money options will be paid CAD 0.0001 per option. All outstanding restricted, performance and director awards of Strad other than the ones held by the buyers will be settled by the payment in cash. Post-acquisition, Strad Inc. will be delisted from Toronto Stock Exchange. Lyle Wood, Andrew Pernal, Michael Donovan and Shane Hopkie, together with certain employees of Strad and their affiliates (collectively, the "Ongoing Shareholders") own or exercise control or direction over 11,625,434 Strad Shares, representing in aggregate approximately 21.4% of the currently issued and outstanding Strad Shares. It is anticipated that upon completion of the transaction, ownership of the resulting entity will remain with the Ongoing Shareholders and certain other current employees. The buyers have been granted five business days right to match any competing superior proposal for Strad Inc. Strad Inc. will pay a termination fee of CAD 4 million to the buyers in the event of termination. Post acquisition, the business of Strad will be run by the current Strad management team led by Andrew Pernal as President and Chief Executive Officer, Michael Donovan as Chief Financial Officer and Shane Hopkie as Chief Operating Officer. The deal is subject to customary Toronto Stock Exchange, court and regulatory approvals along with the following approvals at the Strad Meeting : (a) the approval of not less than 66.6% of the votes cast by holders of Strad shares; (b) in the event that all of the holders of Strad options do not enter into option assignment agreements, 66.6% of the votes cast by holders of Strad shares and Strad options, voting together as a single class and (c) "majority of the minority" approval under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The transaction requires that the dissent rights shall not have been exercised in respect of more than 10% of the Strad shares that shall not have been withdrawn at the closing, support agreement, Directors having unanimously accepted the written opinion of Strad’s financial advisor, and third party consents, among others. The Special Committee to the Board and the Board of Strad unanimously approved the deal. As of March 23, 2020, Strad has received the interim order of the Court of Queen's Bench of Alberta. The special meeting of Strad shareholders will be held on April 20, 2020. As of April 20, 2020. The shareholders of Strad approved the transaction. The transaction also received court approvals on April 20, 2020. The acquisition is anticipated to be completed on or about April 20, 2020. The closing of the acquisition is currently anticipated to be completed on April 21, 2020. Deloitte LLP acted as accountant, Peters & Co., Limited acted as financial advisor and provided fairness opinion, while Scott Cochlan and Janan Paskaran of Torys LLP acted as legal advisor to the Special Committee of Strad Inc. and Michael Sandrelli and Jeffrey E. Sharpe of Burnet, Duckworth & Palmer LLP acted as legal advisors to Strad Inc. Canaccord Genuity Group Inc. (TSX:CF) acted as financial to Strad Inc. and Joel B. Jones of Borden Ladner Gervais LLP acted as legal advisor to the buyers. Computershare Trust Company of Canada acted as a depository bank for Strad Inc. Deloitte Touche Tohmatsu Limited acted as a valuator for the special committee of Strad. Joel Jones, Ravi Latour and Dan Sears of Borden Ladner Gervais LLP acted as legal advisor to Strad Inc. in this transaction. Lyle Wood, Andrew Pernal, Michael Donovan and Shane Hopkie as well as certain other employees of Strad Inc. completed the acquisition of 79.5% stake in Strad Inc. (TSX:SDY) on April 21, 2020. Financing for the transaction was provided by HSBC Bank Canada, ATB Financial, BDC Capital and Nicola Wealth. Strad shares will be delisted from trading on the Toronto Stock Exchange within two or three trading days following completion of the transaction subject to the TSX receiving all required information. Strad will cease to be a reporting issuer under applicable Canadian securities laws shortly thereafter.