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Horizon North Logistics Inc. Amends Shareholder Rights Plan
Horizon North Logistics Inc. Amends Shareholder Rights Plan Canada NewsWire CALG...
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[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Amends Shareholder Rights Plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 15, 2017\n\n\n\nCALGARY, March 15, 2017 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX – HNL) today announced that its board of Directors (the \"Board\") has amended its shareholder rights plan (the \"Rights Plan\") pursuant to an amended and restated rights agreement between the Corporation and CST Trust Company, effective immediately.  \n\nThe substantive amendments to the Rights Plan extend the period of time that a permitted bid and competing permitted bid must remain open, solely to reflect changes to the take-over bid regime adopted by the Canadian Securities Administrators in 2016 (the \"CSA Amendments\"). In particular, the amendments to the Rights Plan include the following:\n\n\nthe definition of a \"Permitted Bid\" in the Rights Plan now requires that a Permitted Bid remain open for a period of 105 days or such shorter minimum period that a take-over bid must remain open for deposits of securities, in the applicable circumstances, under the CSA Amendments;\nthe definition of a \"Competing Permitted Bid\" has also been modified to align with the minimum period such a bid must remain open under the CSA Amendments; and\ncertain other amendments of a non-substantive, \"housekeeping\" nature have been made to the Rights Plan. These amendments ensure that the Rights Plan reflects current practices of listed Canadian corporations, including the definition of \"Exempt Acquisition\" which has been updated in alignment with such practices.\n\nThe terms of the Rights Plan are similar to those in rights plans recently approved by shareholders of other publicly listed Canadian corporations. Horizon North is not aware of any specific take-over bid for the Corporation in process or currently being contemplated.\n\nConsistent with the CSA Amendments, the Rights Plan encourages a potential acquiror to proceed with their bid in accordance with Canadian take-over bid rules, whi...