Business
Sirit Files and Mails Notice of Special Meeting and Management Information Circular to Shareholders
Sirit Files and Mails Notice of Special Meeting and Management Information Circular to Shareholders
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nFeb. 3, 2010 (Canada NewsWire Group) -- TORONTO, Feb. 3 /CNW/ -- February 3, 2010 - Sirit Inc. (\"Sirit\") (TSX: SI), a leading provider of radio frequency identification (\"RFID\") technology, announces that it has filed with the Canadian Securities Administrators and mailed to Sirit shareholders of record as of January 25, 2010, the Notice of Special Meeting and Management Information Circular in connection with the Company's previously announced plan of arrangement under the Business Corporations Act (Ontario) (\"Arrangement\"). Under the Arrangement, Federal Signal Corporation (\"Federal Signal\") (NYSE: FSS) will acquire all of the issued and outstanding common shares of Sirit for $0.30 per share in cash.The special meeting to consider and vote upon the Arrangement has been scheduled for Friday, February 26, 2010 at 10:30 a.m. (Toronto time) at Suite 1600, 1 First Canadian Place, 100 King Street West, Toronto, Ontario.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 $0.30 per share by way of the court approved Arrangement. The $0.30 per share cash purchase price represents a premium of 37% over Sirit's 30-day average closing share price and a 60% premium over Sirit's 60-day average closing share price, each as of January 13, 2010, the last trading date prior to the announcement of the Arrangement. The transaction remains subject to customary conditions for transactions of this nature including the approval of two-thirds of the votes cast by Sirit shareholders at the special meeting.Sirit shareholders are encouraged to read the Notice of Special Meeting and Management Information Circular in its entirety as it provides, among other things, the reasons behind the Sirit board of directors' unanimous determination that the Arrangement is fair to Sirit shareholders and is in the best interests of the Company. Sirit shareholders can obtain a copy of the Notice of Special Meeting and Management Information Circular at www.sedar.com.Sirit shareholders who have questions or need assistance in voting their shares should contact the Company's proxy solicitation agent, Innisfree M&A Incorporated, toll free at 1-877-825-8964 (banks and brokers may ca...