Response from Spectral wrt to Dialco See response below;
Information regarding the restructuring of Dialco in contained in our press release of December 13, 2022 (the “Dialco Restructuring”). Having reviewed and considered this matter internally, as well as consulting with external legal counsel, Spectral has determined that the Dialco Restructuring was not a material transaction for it - whether from an asset, income or strategic perspective or otherwise. Nor did it constitute a material change for Spectral such that it was of the nature of a change in the business, operations or capital that would reasonably be expected to have a significant effect on the market price or value of any of the securities of Spectral. This determination was validated by the fact that there was not in fact any material change in the trading price of the Spectral common shares on the TSX in the trading days following the public announcement of the Dialco Restructuring.
As such, Spectral was not required to file a material change report in respect of the Dialco Restructuring, nor was Spectral required to file or publicly disclose the transaction agreements relating to the Dialco Restructuring (the “Transaction Agreements”) on SEDAR. As such, given that Spectral is not required by law to provide additional disclosure regarding the Dialco Restructuring, the provisions of the Transaction Agreements prevent further disclosure of the confidential terms of the Transaction Agreements without the approval of Infomed, which is not forth coming. However, some further details of the Dialco Restructuring will be contained in our annual financial statements and accompanying MD&A for the period ended December 31, 2022, which we expect to publish at the end of March 2023.