Business
IMPACTs Board of Directors Approves Adoption of Shareholder Rights Plan
(via Thenewswire.ca)
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACTs Board of Directors Approves Adoption of Shareholder Rights Plan\n\n(via Thenewswire.ca)\nVancouver, British Columbia March 18 2009 - - IMPACT Silver Corp. (the \"Company\" TSX.V-IPT) announces that its board of directors has approved the adoption of a Shareholder Rights Plan (the \"Rights Plan\"), subject to shareholder approval and acceptance for filing by the TSX Venture Exchange. The Rights Plan has been designed to protect shareholders from unfair, abusive or coercive take-over strategies including the acquisition of control of the Company by a bidder in a transaction or series of transactions that may not treat all shareholders fairly nor afford all shareholders an equal opportunity to share in the premium paid upon an acquisition of control. The board of directors of the Company (the \"Board\") considers that the adoption of the Rights Plan is desirable and in the interests of all of the Company's shareholders.\n\nThe Rights Plan has been implemented by way of a rights plan agreement (the \"Rights Plan Agreement\"). This agreement was adopted to provide the Board with sufficient time, in the event of a public take-over bid or tender offer for the common shares of the Company, to pursue alternatives which could enhance shareholder value. These alternatives could involve the review of other take-over bids or offers from other interested parties to provide shareholders desiring to sell the Company's common shares with the best opportunity to realize the maximum sale price for their common shares. In addition, with sufficient time, the Board would be able to explore and, if feasible, advance alternatives to maximize share value through possible corporate reorganizations or restructuring.\n\nShareholder approval of the Rights Plan will be sought at the Company's annual meeting of shareholders scheduled to be held on May 27, 2009.\n\nIf the Rights Plan is ratified by the shareholders, the Rights Plan will have an initial term which expires at the annual general meeting of shareholders of the Company to be held in 2012, unless terminated earlier. The Rights Plan may be extended beyond 2012 by resolution of shareholders at such meeting.\n\nRights (the \"Rights\") will be issued and attached to all of the Company's outstanding common shares held of record as of March 16, 2009. A separate rights certificate will not be issue...