Sun-Rype recommends selling remaining shares
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September 05, 2013 - 4:10 PM
KELOWNA - The Sun-Rype board of directors has recommended shareholders vote to allow SRF Acquisition, a subsidiary of Great Pacific Industries, to buy up outstanding shares of the company.
While the move was originally recommended by an independent proxy firm, Sun-Rype announced in a press release this afternoon a special shareholders meeting has been scheduled for Sept. 24 at 10 a.m. where they will seek approval of the arrangement. If the arrangement is completed, each shareholder other than SRF, the SRF affiliates and any dissenting shareholders will be entitled to receive $7.50 for every common share held.
The Board of Directors of Sun-Rype unanimously recommended a vote in favour of the resolution. Shareholders are encouraged to review the management information circular of Sun-Rype dated Aug. 20, 2013, which provides a detailed discussion of the arrangement. A copy of the proxy circular is available on the company's website at www.sunrype.com or on SEDAR at www.sedar.com.
Subject to obtaining court and all other required approvals as well as the satisfaction of all other conditions precedent, if shareholders approve the arrangement resolution, it is anticipated that the arrangement will be completed on or about Sept. 30, 2013.
Great Pacific Industries is owned by Jim Pattison.
News from © InfoTel News Ltd, 2013