Press release
Alcanna Inc. Completes Plan of Arrangement with Sundial Growers Inc.
EDMONTON, Alberta, March 31, 2022 (GLOBE NEWSWIRE) -- Alcanna Inc. ("Alcanna" or the "Company") (TSX: CLIQ) announces today the completion of the previously
About this update from Sndl Inc.
[{"type":"text","content":"EDMONTON, Alberta, March 31, 2022 (GLOBE NEWSWIRE) -- Alcanna Inc. (\"Alcanna\" or the \"Company\") (TSX: CLIQ) announces today the completion of the previously announced plan of arrangement (the \"Arrangement\") with Sundial Growers Inc. (\"Sundial\") (NASDAQ: SNDL) under Section 192 of the Canada Business Corporations Act in accordance with the terms of the arrangement agreement between Alcanna and Sundial dated October 7, 2021, as amended by the amending agreement dated January 6, 2022 (the \"Arrangement Agreement\"). Pursuant to the Arrangement Agreement and the amended terms of the plan of arrangement attached thereto, Sundial acquired all of the issued and outstanding common shares in the capital of Alcanna (the \"Alcanna Shares\") from the holders of Alcanna Shares (\"Alcanna Shareholders\"), for total consideration of approximately $320 million consisting of cash and common shares in the capital of Sundial (\"Sundial Shares\"). Pursuant to the Arrangement Agreement, each former Alcanna Shareholder is entitled to receive, in exchange for each Alcanna Share held: (i) 8.85 Sundial Shares (the \"Share Consideration\"); and (ii) $1.50 in cash (\"Cash Consideration\" together with the Share Consideration, the \"Revised Consideration\") which was revised by the amending agreement on January 6, 2022 to include both Share Consideration and Cash Consideration. Following completion of the Arrangement, former Alcanna Shareholders will hold approximately 13.4% of the issued and outstanding Sundial Shares. The Alcanna Shares are expected to be delisted from the Toronto Stock Exchange (the \"TSX\") at the close of business on April 1, 2022. It is expected that Alcanna will submit an application to cease to be a reporting issuer and to otherwise terminate its public company reporting requirements as soon as possible after delisting. The Arrangement Agreement is described in the management information circular and proxy statement of Alcanna dated November 9, 2021 (collectively, the \"Circular\"), and the material change report of Alcanna dated January 6, 2022, copies of which have been filed on SEDAR at www.sedar.com and are available on Alcanna's website at https://www.alcanna.com/ALCANNA-Special-Meeting-Materials. SUBMISSION OF AMENDED AND RESTATED LETTER OF TRANSMITTAL Following completion of the Arrangement, each Alcanna Shareholder ...