Input Capital Shareholders Vote 99.99% in Favour of Plan of Arrangement
REGINA, SK, Sept. 23, 2020 /CNW/ - Input Capital Corp. (TSXV: INP) (US: INPCF) ("Input", "Company") announces that, at its special meeting ("Meeting") of shareholders held today, Input shareholders overwhelmingly voted to approve the previously announced plan of arrangement involving Bridgeway National Corp. ("Bridgeway") under The Business Corporations Act (Saskatchewan) (the "Arrangement"). Pursuant to the Arrangement, Bridgeway will, among other things, acquire all of the issued and outstanding common shares of Input (the "Shares") at a price of $1.75 per Share.
The Arrangement required approval by an affirmative vote of at least two-thirds of the votes cast at the Meeting by Input shareholders. Of the votes cast at the Meeting with respect to the Arrangement, a total of 37,438,413 Shares were voted in favour of the Arrangement, representing approximately 99.99% of the votes cast on the special resolution approving the Arrangement. Input's full report of voting results will be filed under Input's issuer profile at www.sedar.com.
Input intends to seek a final order of the Saskatchewan Court of Queen's Bench (the "Court") to approve the Arrangement at a hearing expected to be held on September 28, 2020. Completion of the Arrangement remains subject to the satisfaction of certain closing conditions, including Court approval. Subject to the satisfaction or waiver of all of the conditions to the closing of the Arrangement, the Arrangement is expected to be completed on or about October 1, 2020. Upon closing of the Arrangement, shareholders of Input will be entitled to receive $1.75 in cash for each Share held. Following completion of the Arrangement, Input will be de-listed from the TSX Venture Exchange and applications will be made for Input to cease to be a reporting issuer.
Further information about the Arrangement is set forth in the materials prepared by the Company for the Meeting. These Meeting materials were mailed to Input shareholders and are filed under Input's issuer profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Input is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. The Company has developed several flexible and competitive forms of financing which help western Canadian canola farmers solve working capital, mortgage finance and canola marketing challenges and improve the financial position of their farms. Under a streaming contract, Input has provided capital in exchange for a stream of canola via multi-year fixed-volume canola purchase contracts.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its business. Such statements are based on the current expectations and views of future events of Input's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Input, including risks regarding the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of Input. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Input undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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.
SOURCE Input Capital Corp.