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Labrador Iron Ore Royalty Corporation Adopts Shareholder Rights Plan
Labrador Iron Ore Royalty Corporation Adopts Shareholder Rights Plan Canada NewsWi...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\n\n\nLabrador Iron Ore Royalty Corporation Adopts 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\nTORONTO, April 18, 2018\n\n\n\nTORONTO, April 18, 2018 /CNW/ - Labrador Iron Ore Royalty Corporation (\"LIORC\") (TSX: LIF) announces that its Board of Directors (the \"Board\") has adopted a shareholder rights plan (the \"Rights Plan\"). The Rights Plan is similar to shareholder rights plans adopted by other Canadian public companies and LIORC believes it is consistent with certain published institutional investor guidelines. The Rights Plan was not adopted in response to or in contemplation of any known take-over bid or other similar transaction. Neither management of LIORC nor the Board is aware of any pending, threatened or proposed acquisition or take-over bid for LIORC. The Rights Plan is not intended to prevent take-over bids. \n\nTo qualify as a \"Permitted Bid\" under the Rights Plan, a take-over bid must be made by a bidder by way of a take-over bid circular pursuant to and in compliance with National Instrument 62-104 – Take-Over Bids and Issuer Bids and the take-over bid must be made to all holders of common shares, other than the bidder.\n\nUnder the Rights Plan, LIORC will issue (a) one right (a \"Right\") for no consideration in respect of each outstanding common share of LIORC to all holders of record at the close of business on April 18, 2018 (the \"Effective Date\") and (b) one Right (which will be represented by the common share certificates until the Rights become exercisable) in respect of each additional common share issued after the Effective Date during the term of the Rights Plan. Subject to the terms of the Rights Plan and to certain exceptions provided therein, the Rights will become exercisable (other than by an acquiring person or its joint actors) to acquire common shares at a substantial discount to market value in the event any person, together with joint actors, acquires or announces its intention to acquire 20% or more of LIORC's outstanding common shares without complying with the \"...