Business
Star Announces Shareholder Approval of Rights Plan, Election of Additional Directors and Granting of Options
TORONTO, Sept. 16 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA) ("Star" or the "Company...
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 16 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)\n("Star" or the "Company"), a leading edge technology company focused on\nproviding Aerospace Solutions to aviation operators worldwide, is pleased to\nannounce that, at the special meeting held yesterday, shareholders\noverwhelmingly approved the following measures:\n\n\n1. A Shareholder Rights Plan approved by the Board of Directors\n August 15, 2008. The Rights Plan has been adopted to ensure the fair\n treatment of shareholders in the event of any take-over offer for the\n company's common shares. The Rights Plan is not intended to prevent\n take-over bids that treat shareholders fairly. The company is not\n adopting the Rights Plan in response to, or in anticipation of, any\n specific take-over bid or proposal to acquire control of the company.\n\n2. Amendment of the Company Stock Option Plan to increase the number of\n common shares issuable under the Option Plan to approximately 20% of\n the issued and outstanding Common shares as at the date of the\n Meeting.\n\n3. Ratification of the grant of 5.2 million options to certain officers\n and consultants in May 2008. At the time of grant, the Company did\n not have a sufficient number of available options required in order\n to complete the grants and the options were granted subject to\n shareholder ratification. The amendment of the stock option plan\n noted above provides the required available options and the grants\n have now been ratified by the shareholders. Included are 700,000\n options granted to Mr. Viraf Kapadia, CEO of the Company, and 600,000\n options granted to Mr. Dale Sparks, Chief Technology Officer of the\n Company. The options granted to Messrs. Kapadia and Sparks vest over\n a period of 12 months, are exercisable at $0.30 per share and have a\n term of 5 years.\n\n4. Election of three (3) additional directors, being Mr. Dale F. Sparks,\n Chief Technology Officer of the Company, Mr. Robin Riedel and\n Mr. Shawn Saulnier, businessmen. The three new directors will serve\n with the five directors elected on March 10, 2008 at the last annual\n meeting of the Company, being Messrs. Viraf Kapadia, David Tsubouchi,\n Ben Soave, Ibrahim Al Hamer and Charles Wyburn.\n\n5. Authorization for the board of directors to fix the number of\n directors between the minimu...