Post by
fossi_2002 on Feb 15, 2024 6:56am
Considerations
The Ceapro Board recommends that Ceapro shareholders and optionholders vote in favour of the Transaction.
The Transaction will require the approval of at least 66 2/3% of the votes cast by Ceapro shareholders and 66 2/3% of the votes cast by Ceapro shareholders and Ceapro optionholders, voting together as a single class, at a special meeting of Ceapro’s securityholders.
The Transaction is also subject to closing conditions customary for transactions of this nature, including Alberta court approval and applicable stock exchange approvals.
It is anticipated that both shareholder meetings and the closing of the Transaction will take place in the first quarter of 2024, subject to the satisfaction of the conditions of the Arrangement Agreement.
As a result, at the Aeterna special meeting of shareholders, Aeterna shareholders will be asked to approve a special resolution authorizing the Aeterna Board, at its discretion, to consolidate the Aeterna common shares at a ratio within the range of between three and four pre-Consolidation common shares for every one post-Consolidation common share.
I think the NR makes it clear that a merger will not take place without the approval of the shareholders.
The first quarter is still some time away. In my opinion, there could be 2 reasons for the delay.
1) Gilles is now very uncertain about the majority situation.
2. Gilles is waiting until positive results (from whatever front) can be reported.