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Ontario Superior Court of Justice Approves Calling of ComnetiX Inc. Special Shareholders' Meeting
Ontario Superior Court of Justice Approves Calling of ComnetiX Inc. Special Shareholders' Meeting.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\nShareholders to Consider Plan of Arrangement for Acquisition of ComnetiX\n\n\nTORONTO, Dec. 18 /CNW/ - ComnetiX(TM) Inc. (TSX:CXI), a leading provider\nof integrated biometric identification and authentication solutions, announced\nthat the Ontario Superior Court of Justice today granted an interim order\nproviding for a special meeting of shareholders of ComnetiX to be held on\nJanuary 19, 2007, for the purpose of considering an arrangement under section\n192 of the Canada Business Corporations Act involving ComnetiX, its\nshareholders and warrantholders, 6653375 Canada Inc. and L-1 Identity\nSolutions, Inc. The Arrangement provides for the acquisition by L-1 of all of\nthe outstanding common shares of ComnetiX for US$0.82 in cash per share\n(subject to adjustment as described in the Management Information Circular of\nComnetiX) and the acquisition by ComnetiX of all its outstanding warrants for\n$0.03 in cash per warrant. A Management Information Circular relating to the\nspecial shareholders' meeting will be mailed to ComnetiX shareholders and\nwarrantholders shortly and will be available on SEDAR at www.sedar.com. The\nrecord date for the shareholders' meeting is December 11, 2006.\n\n\nThe Board of Directors of ComnetiX has unanimously approved the\nArrangement and has determined that the Arrangement is fair to, and in the\nbest interests of, ComnetiX's shareholders and warrantholders.\n\n\nIn making this determination, the Board of Directors of ComnetiX relied\nin part on a fairness opinion from Wellington West Capital Markets Inc. In its\nfairness opinion, Wellington West concluded that, as of November 15, 2006, the\nconsideration to be received by ComnetiX shareholders pursuant to the\nArrangement is fair to them from a financial point of view.\n\n\nIn reaching its conclusion that the Arrangement is in the best interest\nof ComnetiX, its shareholders and warrantholders, the Board of Directors also\nconsidered that the amount of US$0.82 to be received by shareholders for each\ncommon share under the Arrangement represents a premium of approximately 95%\nover the closing price of the common shares of ComnetiX on the Toronto Stock\nExchange on November 14, 2006, the last trading day prior to the announcement\nof the Arrangement.\n\n\nBernard W. Crotty, Chairman and CEO of ComnetiX, stated \"The board of\ndirectors h...