Telesta Therapeutics Inc. shareholders approve plan of arrangement with ProMetic Life Sciences Inc.
MONTREAL, Oct. 25, 2016 /PRNewswire/ - Telesta Therapeutics Inc. (TSX: TST; PNK: BNHLF) announced at a special meeting of shareholders held earlier today (the "Meeting") that Telesta shareholders voted in favour of the proposed transaction pursuant to which ProMetic Life Sciences Inc. will acquire all of the issued and outstanding common shares of Telesta by way of a plan of arrangement under section 192 of the Canada Business Corporations Act(the "Arrangement"). The Arrangement was approved by 96.4% of the votes cast by Telesta shareholders eligible to vote at the Meeting representing 53.3% of the outstanding common shares of Telesta. There were no dissenting shareholders.
Completion of the Arrangement remains conditional on approval by the Superior Court of Justice of Ontario and certain other closing conditions customary in transaction of this nature. The final hearing to approve the Arrangement is scheduled to be held on October 28, 2016. The Arrangement Agreement provides that the Arrangement is to be completed not later than 3 business days following satisfaction of all conditions.