Converge Technology Solutions Secures Shareholder Approval
Converge Technology Solutions Corp. (TSX: CTS) proudly announces the recent approval from its shareholders for an acquisition by an affiliate of H.I.G. Capital. This decision stems from a special meeting where an overwhelming majority indicated their support for the planned arrangement under the Canada Business Corporations Act.
Majority Vote in Favor of Acquisition
The special resolution regarding the acquisition saw astonishing support from shareholders. An impressive 98.85% of those present or represented in proxy voted in favor of the transaction. Even more telling, when excluding votes from specific shareholders involved in rollover equity agreements with H.I.G., 98.71% remained in support. In total, Shareholders cast 131,318,378 votes, accounting for about 69.63% of all outstanding shares.
Cash Consideration Details
As part of this acquisition, shareholders are set to receive C$6.00 per Common Share. However, it's important to note that some shares held by Rollover Shareholders will not be included in this cash consideration. Further specifics regarding this arrangement can be accessed in the management circular of the Company.
Next Steps Towards Completion
Converge Technology Solutions plans to seek a final order from the Ontario Superior Court of Justice to validate this arrangement at an upcoming hearing. This critical step is anticipated to take place, with all procedures moving forward efficiently, bringing the organization one step closer to completing the acquisition.
About Converge Technology Solutions
Converge Technology Solutions Corp. aims to transform the landscape of IT by centering its approach around human-oriented solutions. Since 2017, the Company has focused on addressing challenges that the modern workforce faces, providing specialized IT and Cloud Solutions. By merging local knowledge with international resources, they strive to deliver unparalleled services to their clientele.
Their scope of solutions spans from advanced analytics and artificial intelligence to cybersecurity and digital infrastructure. By doing so, Converge empowers businesses to innovate and refine their operations, ultimately leading to significant outcomes. The AIM (Advise, Implement, Manage) methodology ensures that every solution is fine-tuned to meet client needs effectively.
As a frontrunner in reimagining IT, Converge Technology Solutions encourages businesses to embrace innovation and achieve transformative results.
Frequently Asked Questions
What is the significance of the acquisition by H.I.G. Capital?
The acquisition represents a strategic step for Converge, enabling expansion and enhanced resources to drive innovation in technology solutions.
How much will shareholders receive per share?
Shareholders are set to receive C$6.00 per Common Share, with certain exceptions for Rollover Shareholders.
What percentage of shareholders approved the acquisition?
98.85% of the votes by shareholders present at the meeting voted in favor of the acquisition.
When is the final court hearing for the arrangement?
The final court hearing is expected to take place soon to approve the arrangement, facilitating the next steps for completion.
What services does Converge Technology Solutions offer?
Converge provides a range of IT solutions including analytics, AI, cloud platforms, and cybersecurity, aiming to empower businesses across various industries.
