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Ontario Superior Court of Justice Issues Interim Order Regarding Sirit Special Meeting of Shareholders
Ontario Superior Court of Justice Issues Interim Order Regarding Sirit Special Meeting of Shareho...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nJan. 29, 2010 (Canada NewsWire Group) -- TORONTO, Jan. 29 /CNW/ -- Sirit Inc. (\"Sirit\") (TSX: SI), a leading provider of radio frequency identification (\"RFID\") technology, announced today that the Ontario Superior Court of Justice Commercial List (\"the Court\") has issued an Interim Order with respect to the previously announced plan of arrangement under the Business Corporations Act (Ontario) (\"the Arrangement\") under which Federal Signal Corporation (NYSE: FSS) will acquire all of the issued and outstanding common shares of Sirit for CDN$0.30 per share in cash. The Special Meeting of Sirit Shareholders to consider the Arrangement is scheduled to be held on February 26, 2010.As previously announced on January 14, 2010, Sirit entered into a definitive agreement with Federal Signal, under which Federal Signal will acquire all of the issued and outstanding common shares of Sirit for cash consideration of CDN$0.30 per share by way of a court approved plan of arrangement. The CDN$0.30 per share cash purchase price represents a premium of 37% over Sirit's 30-day average closing share price as of January 13, 2010, the last trading date prior to the announcement of the Arrangement, and a premium of 60% over Sirit's 60-day average closing stock price as of January 13, 2010. The transaction remains subject to customary conditions for transactions of this nature including the approval of two-thirds of the votes cast by shareholders at the Special Meeting.Sirit plans to file with the Canadian Securities Administrators and mail to Sirit shareholders of record next week the Notice of Special Meeting and Management Information Circular. Sirit shareholders are encouraged to read these materials in their entirety as they provide, among other things, the reasons behind the Sirit Board of Directors' unanimous determination that the transaction is fair to Sirit shareholders and is in the best interests of the Corporation. Sirit shareholders will be able to obtain a copy of the Notice of Special Meeting and Management Information Circular at www.sedar.com once it has been filed.About Sirit Inc.Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) technology worldwide. Harnessing the power of Sirit's enabling-RFID technology, customers are able to more rapidly bring high quality RFID solutions to the mar...