Clairvest Group Inc. Announces Non-Voting Share Option Plan
Get Alerts CVG Hot Sheet
Join SI Premium – FREE
TORONTO, ON -- (Marketwired) -- 06/14/16 -- Clairvest Group Inc. (TSX: CVG) today announced that its board of directors has authorized the creation of a series of non-voting shares and the adoption of a new non-voting share option plan for officers and employees. The new option plan is intended to replace the cash based book value appreciation rights plan for most Clairvest officers. Under the new option plan, holders of vested options may in lieu of exercising the options for non-voting shares surrender the options for a cash payment.
The non-voting shares will not be listed on any stock exchange and are not convertible into common shares. They will rank pari passu with the common shares with respect to the payment of dividends and the distribution of assets on liquidation, in an amount equivalent to two common shares. The non-voting shares are redeemable by Clairvest commencing two years after issuance, subject to acceleration in specified circumstances.
The Ontario Securities Commission has granted relief from the requirement that the creation of the non-voting shares and the grant and exercise of options for these shares receive minority shareholder approval at a meeting. Instead, the requisite minority shareholder approval for the creation of the non-voting shares and the grant and exercise of the non-voting share options has been obtained through written consents received from the holders of 69.2% of Clairvest's common shares other than those shares held by Clairvest's controlling shareholder, Kenneth B. Rotman. The Ontario Securities Commission order will be available at www.osc.gov.on.ca.
Clairvest intends to file the articles to create the non-voting shares on June 22, 2016. The share provisions and the non-voting share option plan will be filed on SEDAR and available at www.sedar.com.
About Clairvest
Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
For further information, please contact:Maria Klyuev Director, Investor Relations and Marketing Clairvest Group Inc. Tel: (416) 925-9270 Fax: (416) 925-5753www.clairvest.com
Source: Clairvest Group Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nihon Global Growth Partners Submits Shareholder Proposals for Consideration at Toyo Suisan’s 2024 General Shareholders’ Meeting
- SEMIFIVE Collaborates with MetisX in Developing CXL-based Memory Accelerator Chip
- Dork Lord Launches on Solana, Bringing Humor and Innovation to Crypto
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!