The ArrangementIf you reference the document sent to us and start read Appendix D towards the back, you'll find a glossary of definitions under Article I and then under Article 2, there is a an outline of how the "continuance" of the Company (Sirit) will happen. I have read thru it a few times now and eventually the new company Amalco I will become Amalco II whose name shall be changed to Sirit Inc and here's the clincher, all of the directors and officers of the Company (Sirit) before the amalgamation shall become the directors and officers of the new entity.
Have a read. Its page D-4 and start at 2.2 The Arrangement. Section 3 ff and its all there.
While you have your information circular open, check out Article 7, Additional Agreements. (Page C-26) Federal is guaranteed a 5 business day Response Period to respond to any potential superior bids.
As the counter bids keep coming, Federal gets to up the ante in order to exact his pouind of flesh from Norbert who we know from his letter to us shareholders went searching for a buyer over the past 18 months.
Anybody have a different interpretation?