Business
Kennady Obtains Interim Order for Plan of Arrangement
Kennady Obtains Interim Order for Plan of Arrangement Canada NewsWire TORONTO, M...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\n\nKennady Obtains Interim Order for Plan of Arrangement\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, March 5, 2018\n\n\n\nTORONTO, March 5, 2018 /CNW/ - Mountain Province Diamonds Inc. (TSX and NASDAQ: MPVD) (\"Mountain Province\") and Kennady Diamonds Inc. (TSX-V: KDI) (\"Kennady\") are pleased to announce that today Kennady obtained an interim order from the Ontario Superior Court of Justice (Commercial List) (\"Interim Order\") in respect of the acquisition by Mountain Province of Kennady by way of plan of arrangement under the Business Corporations Act (Ontario) (the \"Arrangement\").\n\nSpecial Meetings of Shareholders of Mountain Province and Kennady Diamonds\n\nThe Interim Order authorizes, among other things, Kennady to call and hold a special shareholders meeting (the \"Kennady Special Meeting\") to approve the Arrangement. In accordance with the Interim Order, the Kennady Special Meeting is scheduled to be held at 1:00 p.m. (Pacific Standard Time) on Monday, April 9, 2018 at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia, Canada V6C 1B4. Mountain Province has also scheduled a special shareholders meeting (the \"Mountain Province Meeting\") to be held at 2:30 p.m. (Pacific Standard Time) on Monday, April 9, 2018 at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia, Canada V6C 1B4 to approve an ordinary resolution to approve the issuance of Mountain Province shares to be issued to Kennady shareholders, pursuant to the Arrangement.  \n\nThe Arrangement Agreement\n\nUnder the terms of the Arrangement, holders of Kennady Shares (\"Kennady Shareholders\") will be entitled to receive 0.975 common shares of Mountain Province (\"Mountain Province Shares\") in exchange for each common share of Kennady (\"Kennady Shares\") held (the \"Exchange Ratio\"), representing an implied offer price of $3.46 per Kennady Share. This Exchange Ratio represents a premium of 26% to Kennady's closing price and a premium of 15% based on the 20-day volume- weighted-average-price of Mountai...