VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2015) - Coopers Park Corporation (TSX VENTURE:XCP) (the "Corporation") announced today that its shareholders have approved its going private transaction previously announced on April 8, 2015.
The going private transaction is being carried out as a consolidation of the outstanding voting common shares of the Corporation on the basis of one voting common share for each 254,084 pre-consolidated voting common shares (the "Consolidation"). Fractional voting common shares will not be issued and each former holder of a fractional voting common share will be entitled to receive $1.62071 in cash for each pre-consolidated voting common share held immediately prior to the Consolidation (with no amount being paid to a holder of voting common shares who would be entitled to receive, net of withholding taxes, less than $10).
As a result of the Consolidation, 0698500 B.C. Ltd., a corporation owned by Mr. Terence Hui, the Chair of the Board and President of the Corporation, will become the sole shareholder of the Corporation. The non-voting common shares of the Corporation will not be affected by the Consolidation, and will remain outstanding. All of the non-voting common shares are held by 0698500 B.C. Ltd.
In order for former holders of voting common shares to receive the cash amount to be paid to them for their voting common shares, the certificates representing the pre-consolidated voting common shares must be delivered to Computershare Investor Services Inc. together with a duly completed and signed Letter of Transmittal in the form delivered to holders of voting common shares with the notice of meeting and accompanying information circular dated April 8, 2015 of the Corporation. There is no settlement date or distribution date on which funds are to be distributed.
As a result of the Consolidation, the Corporation has applied to the TSX Venture Exchange to have its voting common shares delisted from trading on the Exchange. The delisting is to be effective on May 25, 2015 which will be the "Effective Date" of the Consolidation and the record date for determining holders of voting common shares to be entitled to receive the cash amount for their fractional voting common shares.
The Corporation has also applied to the applicable Canadian securities regulatory authorities for an order that Coopers Park is no longer be a reporting issuer under Canadian securities laws.
About Coopers Park:
Coopers Park invests in multi-family residential condominium developments and in the information technology sector. Visit Coopers Park at: www.cooperspark.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO PROPOSED TRANSACTIONS INCLUDING A SHARE CONSOLIDATION, DE-LISTING OF THE VOTING SHARES FROM THE TSX-V, AND CEASING TO BE A REPORTING ISSUER. THESE STATEMENTS INVOLVE ASSUMPTIONS, RISKS, AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO RISK FACTORS DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED AS A RESULT OF THESE RISKS AND SHOULD NOT BE RELIED UPON AS A PREDICTION OF FUTURE EVENTS. COOPERS PARK UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE ON WHICH SUCH STATEMENT IS MADE, OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS UNLESS REQUIRED TO DO SO UNDER APPLICABLE LAW.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.