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Carmanah Securityholders Approve Plan of Arrangement with CMH Acquisition Corp.
Wednesday, August 14, 2019Company Profile | Follow Company
Victoria, BC, August 14, 2019--(T-Net)--Carmanah Technologies (TSX:CMH) announced the voting results from today's special meeting of the holders of common shares of the Company and the holders of options to purchase Common Shares.
At the Meeting, 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 Limited Partnership 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 C$7.35 per Common Share.
To be effective, the Arrangement Resolution required the approval of at least: (i) two-thirds (66?%) 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?%) 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% of the votes cast by Shareholders, 99.32% 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% of the votes cast by the Shareholders and Optionholders voting as a single class.
The Supreme Court of British Columbia (the "Court") hearing for the final order to approve the Arrangement is expected to occur on August 15, 2019 and closing of the Arrangement is expected to occur on August 16, 2019, subject to final approval by the Court.
About Carmanah Technologies Corporation
Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, we have earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the world' s harshest environments. We manage our business within three reportable segments: Signals, Illumination and Offshore. The Signals segment provides traffic beacons and sign solutions for the transportation industry. The Illumination segment provides solar powered LED outdoor street lights for municipal and commercial customers, while the Offshore segment specializes in the provision of comprehensive safety and marking systems for offshore wind farms.
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Carmanah Technologies Corporation
Victoria, BC (CleanTech & Energy)
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