Glentel Inc GLNIF

Materials has been mailed to GLENTEL’s securityholders

[ascii2]

On December 11, 2014, the Ontario Superior Court ofJustice (Commercial List) granted an interim order providing for, among other things, the calling and holding of the Meeting.Proxy Materials has been mailed to security holders as of 11th December at 5.00 PM time. The Meeting is scheduled fo r9:00 a.m. (Vancouver time) on January 12, 2015 at the Pan Pacific Hotel, Coal Harbour Room, 999 Canada Place, Vancouver, BC. Rogers’ position is that the Bell–Glentel transaction requires its approval prior to a change of control of Glentel. The latter, on the other hand, says that Rogers’ application is meritless, and that it is able to complete the deal as planned. Glentel states "The BCE acquisition does not affect GLENTEL’s agreement with Rogers, which will continue to remain in force after the acquisition completes. Rogers has the right to remove their products from our Canadian stores if they choose or to terminate its agreement with us, but has no right under its agreement to block the acquisition of GLENTEL",
If any one else wants to come up with higher bid, they have time till 11th January 2015. On 12th January "condition will be removed" after shareholder approval and fate will be sealed. It is like house sale acceptance. Rest is formality and registration. Since BCE aquisition does not affect GLENTEL agreement with Roger, which will continue to remain in force, Competition Bereau should not have any objection in my opinion. Board of directors have already commited their 39% shares and all that is required is 27.67% which should not be a problem.Condering the fact that premium offered is 121% over 10 days average price it is a done deal I guess. Somebody buying now will get 14% yeild in couple of months which I think is a very good return on investment even today.