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VELAN SHAREHOLDERS APPROVE THE SALE OF VELAN'S FRENCH BUSINESS
VELAN SHAREHOLDERS APPROVE THE SALE OF VELAN'S FRENCH BUSINESS Canada NewsWire ...
About this update from Velan Inc.
[{"type":"text","content":"\n\n\n\n VELAN SHAREHOLDERS APPROVE THE SALE OF VELAN'S FRENCH BUSINESS\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n MONTRÉAL\n \n ,\n \n\n March 20, 2025\n \n\n /CNW/ - Velan Inc. (the \"\n \n Company\n \n \" or \"\n \n Velan\n \n \") (TSX: VLN) today announced that holders (\"\n \n Shareholders\n \n \") of subordinate voting shares (the \"\n \n SVS\n \n \") and of multiple voting shares (the \"\n \n MVS\n \n \") of Velan have approved a special resolution (the \"\n \n Special Resolution\n \n \") approving the proposed sale by the Company's U.K. direct wholly-owned subsidiary, Velan Valves Limited, of its direct French wholly-owned subsidiaries (being the Company's indirect wholly-owned subsidiaries), Segault and Velan S.A.S. (\"\n \n\n Velan France\n \n\n \"), to Framatome SAS, for a purchase price of\n \n US$177.6 million\n \n (€170 million), with the benefit of the transfer by\n \n Velan France\n \n of an intercompany loan receivable from the Company of\n \n US$23.5 million\n \n (€22.5 million), for total consideration to the Company of\n \n US$201.1 million\n \n (€192.5 million) (the \"\n \n France Transaction\n \n \").\n \n\n Velan anticipates using part of the proceeds from the France Transaction to divest its asbestos-related liabilities pursuant to the divestiture transaction announced on\n \n January 14, 2025\n \n (the \"\n \n Asbestos Divestiture Transaction\n \n \" and, together with the France Transaction, the \"\n \n Transactions\n \n \").\n \n\n The Special Resolution relating to the France Transaction had to be approved by not less than two thirds of the votes cast at the special meeting of Shareholders held earlier today (the \"\n \n Meeting\n \n \") by Shareholders virtually present or represented by proxy and entitled to vote at the Meeting. Pursuant to the articles of the Company, each SVS and each MVS entitled the holder thereof to an equal number of votes at the Meeting and, as a result, each SVS and each MVS entitled the holder thereof to five votes at the Meeting.\n \n\n At ...