Shareholders holding 85,994,797 shares of the Company were represented at the SGM in person or by proxy, representing 92.33% of the issued and outstanding shares of the Company.
The Company reports the following voting results obtained at the SGM:
1. The Pre-Consolidation Amendment Resolution, which authorizes the amendment to the Bye-Laws as set out in the information circular for the SGM (the "Circular"):
Votes For | Percent | Votes Against | Percent |
85,993,797 | 100.00% | 1,000 | 0.00% |
2. The Consolidation Resolution, which authorizes the consolidation of the issued and outstanding share capital of the Company on the basis of one post-consolidation share for every 36,000,000 pre-consolidation shares as set out in further detail in the Circular:
Votes For | Percent | Votes Against | Percent |
85,993,797 | 100.00% | 1,000 | 0.00% |
The approval of the Pre-Consolidation Amendment Resolution and the Consolidation Resolution is in furtherance of the privatization transaction (the "Transaction") that was announced by the Company on
As previously announced, the Transaction will be effected by way of a 36,000,000-to-1 share consolidation of all of the issued and outstanding common shares of the Company. Following the share consolidation, the Company will purchase for cancellation all of the common shares held by shareholders who holds less than one whole post-consolidation share. Shareholders holding fractional shares, including shareholders holding fractional shares through
The Company will be making further announcements with respect to the share consolidation and purchase of the common shares.
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Forward-Looking Statements
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release includes information relating to the completion of the going private transaction including the share consolidation and the purchase of common shares. The forward-looking information is based on certain assumptions, which could change materially in the future, including the assumption that the Company is able to effect the Transaction. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the conditions to completing the transaction may not be met, or the transaction may be terminated or renegotiated on different terms. These and other risks are further described under "Risk Factors" in the Company's Annual Information Form dated
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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