Carmanah Signs Agreement to Become a Private Company

Carmanah Technologies Corporation (TSX:CHM) announced that it has entered an agreement with three partners to be acquired. As part of the agreement, shareholders will receive C$7.35 per share, a 7.5 percent premium to Carmanah’s share prices on it last trading day on May 7, 2019.

As quoted in the press release:

Mr. Meekison and Mr. Holland are both current directors of Carmanah and, together, own or control a total of 5,709,904 Carmanah Shares, representing in aggregate approximately 32.7% of the currently issued and outstanding Carmanah Shares.

Under the Arrangement, Carmanah shareholders will receive $7.35 in cash for each Carmanah Share they own (the “Consideration”), representing a premium of 7.5% to Carmanah’s closing share price of $6.84 on May 6, 2019, the final trading day prior to the press release on May 7, 2019 disclosing the non-binding proposal to acquire all of the shares not currently controlled, directly or indirectly, by James Meekison or Terry Holland.

Click here to read the full press release.