Unigold Inc. (TSXV:UGD) adopted a Shareholder Rights Plan that is effective immediately, but is subject to approval. The Plan is being adopted by the Board of Directors to address their concerns in regards to evaluating unsolicited bids.
As quoted in the press release:
The Plan is being adopted to address the Board’s concern that current securities legislation does not provide sufficient time for the Board and shareholders of the Company to properly evaluate an unsolicited bid for control or to pursue alternatives with a view to maximizing shareholder value. The Plan also seeks to ensure that all shareholders of the Company would have an equal opportunity to participate in the benefits of a takeover bid.
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