Business
Montec Holdings Signs Definitive Agreement to Acquire Remaining 49% of Datex Billing Services - Transaction will increase Montec Holdings ownership of Datex to 100%
MONTREAL, Jan. 21 /CNW Telbec/ - Montec Holdings Inc. ("Montec") (TSX-V : MTE), a holding company...
About this update from Defence Therapeutics Inc Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Jan. 21 /CNW Telbec/ - Montec Holdings Inc. ("Montec") (TSX-V :\nMTE), a holding company focused on acquiring and developing a diversified\nportfolio of high-growth technology companies, is pleased to announces that it\nhas entered into a definitive share purchase agreement with the minority\nshareholders of Datex Billing Services Inc. ("Datex") under which the parties\nhave agreed to the terms and conditions for the acquisition by Montec of the\nremaining 49% of Datex held by its minority shareholders. Montec currently\nholds 51% of Datex' outstanding shares. Closing of the transaction is expected\nto occur shortly.\n\n\nThe proposed acquisition was previously disclosed in a press release\ndated April 1, 2008; however, in light of continuing discussions among the\nparties and current market conditions, the parties revised certain terms of\nthe transaction. Accordingly, Montec will now acquire the common and\npreference shares of Datex that it does not already own for a total of $2.25\nmillion, payable substantially in shares of Montec - being $500,000 in common\nshares of Montec and $1,750,000 in Series B Preferred Shares of Montec.\n\n\nThe Montec shares to be issued have an issue price of $0.08 per share and\naccordingly, 6,250,000 common shares and 21,875,000 Series B Preferred Shares\nwill be issued. Of the 21,875,000 Series B Preferred Shares to be issued,\nMontec will convert certain of the Series B Preferred Shares into a number of\nits common shares such that following the closing of the transaction and the\nconcurrent private placement and debt settlement described below, the minority\nshareholders, on the one hand, and Mr. Myer Bentob, Montec's Chairman and\nChief Executive Officer, on the other hand, will own an equal number of common\nshares of Montec (the "Equalization Principle"). The balance of the 21,875,000\nSeries B Preferred Shares not otherwise converted pursuant to the Equalization\nPrinciple, shall be issued to the minority shareholders.\n\n\nThe Series B Preferred Shares of Montec will have terms and conditions\nsubstantially similar to the issued and outstanding Series A Preferred Shares,\nwith the exception that the Series B Preferred Shares will automatically\nconvert into common shares of Montec on a one-for-one basis on the earlier of\n(i) the record da...