Business
Nextleaf Announces Adoption of Shareholder Rights Plan
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Nextleaf Solutions Ltd. (CSE...
About this update from Nextleaf Solutions Ltd.
[{"type":"text","content":"Nextleaf Announces Adoption of Shareholder Rights PlanVancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) (\"Nextleaf\", \"OILS\", or the \"Company\"), a federally regulated manufacturer and distributor of cannabis extracts, announces that it has adopted a shareholder rights plan (the \"Rights Plan\") and reports that it has not received any nominations for electing persons to the Company's board of directors for the upcoming annual general and special meeting of shareholders, to be held on December 19, 2023 (the \"Meeting\"). NEXTLEAF ADOPTS SHAREHOLDER RIGHTS PLANThe Rights Plan will be presented for ratification by shareholders of the Company at the Meeting. The purpose of the Plan is to provide the Company's board of directors (the \"Board\") with adequate time to assess an unsolicited take-over bid made for the Company's common shares, provide the Board with adequate time to explore and develop alternatives for maximizing shareholder value and encourage the fair treatment of shareholders in connection with any take-over bid. The Rights Plan provides for the issuance of one right for each outstanding common share of the Company. Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders will be deemed a \"permitted bid\". These criteria require, among other things, that the bid be made by means of a take-over bid circular to all holders of voting shares other than the offeror under the bid, and be left open for at least 105 days. In the event a take-over bid does not meet the permitted requirements of the Rights Plan, the rights issued under the Rights Plan will entitle shareholders, other than any shareholder or shareholders involved in the take-over bid, to purchase additional common shares of the Company at a specified exercise price which is a substantial discount to the market price. The Company is not currently aware of any pending or threatened take-over bid. A copy of the Rights Plan is available on the Company's SEDAR+ profile at www.sedarplus.com. NOMINATIONS UNDER NEXTLEAF'S ADVANCE NOTICE POLICY The articles of the Company include a provision requiring advance notice of the nominations of persons to act as directors of the Company (the \"Advance Notice Policy\"). ...