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Helijet International Inc. announced the completion of its previously announced going private transaction pursuant to which Daniel Sitnam, the corporation’s president and CEO, acquired all of the outstanding common shares of the corporation, other than the shares held by insiders and their extended family and one other extended family pursuant to a statutory plan of arrangement and the terms of an arrangement agreement between the corporation and the purchaser dated May 15, 2019.
The arrangement was completed following the approval of the Supreme Court of British Columbia and the satisfaction of various conditions precedent to the arrangement. Payment of cash consideration of $0.30 per common share for the common shares acquired pursuant to the arrangement will be made by the depositary, Computershare Trust Company of Canada.
Registered shareholders of common shares are required to complete and sign a letter of transmittal and deliver it to the depositary, together with any share certificates they may hold and the other required documents. Shareholders who hold their common shares through a broker or other intermediary may contact that broker or other intermediary for instructions and assistance in receiving the consideration for their respective common shares. Further information concerning these processes is outlined in the corporation’s management information circular dated May 15, 2019.
Pursuant to the arrangement, all of the outstanding options of the corporation were surrendered and cancelled in exchange for a payment of $0.10 per option. Other than the options, the corporation did not have any other dilutive securities outstanding.
In connection with the completion of the arrangement, the corporation has applied to have the common shares of the corporation de‐listed from the TSX Venture Exchange and expects that the common shares will be delisted effective at the close of business on July 26, 2019. The corporation will also apply to cease to be a reporting issuer under applicable Canadian securities laws.