Just got off the phone with Welland. . . The deal is done. I am not 100% what the news is, but Vic locked up his and Jaguars shares along with two other major holders.
The BOD approved the transaction, the union was slightly concerned, but back away considering they just signed away the contract. CIBC has some issues and obviously their is the exchange they still have to go through.
Didnt hear anything about any government bodies, so not sure if it is too small of an operation to raise red flags, but is positive.
Further the price decrease from 40cents to 30cents is rather obvious. They reduced the price tag by some 30million, which was the same amount of money that the company needs to have injected into it. So that was rather expected.
Further I do not know why the time line was so short, I doubt that they could close on a 60million buck deal in 2 weeks over xmas, that was a out to lunch time frame.
Not sure if it is a buyout or what, but heard that the boys in Welland spent the night on Bay Street.
ReduceCo2