Business
Yangaroo Adopts Shareholders Rights Plan
TORONTO, Aug. 20 /CNW/ - YANGAROO Inc. (TSX-V:YOO, OTCBB:YOOIF) ("YANGAROO" or "the Company") Pre...
About this update from Yangaroo Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 20 /CNW/ - YANGAROO Inc. (TSX-V:YOO, OTCBB:YOOIF)\n("YANGAROO" or "the Company") President and CEO, John Heaven, announced today\nthat the Company's Board of Directors (the "Board") has adopted a Shareholder\nRights Plan (the "Rights Plan"), subject to regulatory approval. The Rights\nPlan has been adopted to ensure the fair treatment of shareholders in\nconnection with any take-over bid for common shares of YANGAROO. The Rights\nPlan seeks to provide shareholders with adequate time to properly assess a\ntakeover bid without undue pressure. It also provides the Board with more time\nto fully consider an unsolicited take-over bid and to explore other\nalternatives to maximize shareholder value.\n\n\nThe Rights Plan is not intended to prevent take-over bids that treat\nshareholders fairly. Under the Rights Plan, those bids that meet certain\nrequirements intended to protect the interests of all shareholders are deemed\nto be "Permitted Bids". Permitted Bids must be made by way of a take-over bid\ncircular prepared in compliance with applicable securities laws and, among\nother conditions, must remain open for 60 days. In the event a take-over bid\ndoes not meet the Permitted Bid Requirements of the Rights Plan, the rights\nwill entitle shareholders, other than any shareholder or shareholders making\nthe takeover bid, to purchase additional common shares of the Company at a\nsubstantial discount to the market price of the common shares at that time.\n\n\nThe Rights Plan is not being adopted in response to any proposal to\nacquire control of the Company. The full text of the Rights Plan is available\non SEDAR. The Company is seeking the approval of the TSX Venture Exchange\nafter which the Rights Plan will be presented for ratification by the\nshareholders at YANGAROO's Annual Meeting to be held in June, 2009. If\napproved by the shareholders, the Rights Plan will have an initial term of\nthree years.\n\n\nOn Behalf of the Board:\n\n"John Heaven"\nPresident & CEO\n\n\nABOUT YANGAROO\n\n\nYANGAROO's patented Digital Media Distribution System (DMDS) is a leading\nsecure B2B digital delivery solution for the music and advertising industries.\nDMDS is a web-based delivery system that pioneers secure digital file\ndistribution by incorporating biometric...