Entourage Health Corp. Receives Approval for Private Transaction
Entourage Health Secures Shareholder Approval for Strategic Changes
Entourage Health Corp. (TSX-V: ENTG) is thrilled to announce that its shareholders have granted the green light for a major plan of arrangement involving the company’s transition towards a private entity. This significant decision was made during a recent special meeting where shareholders participated actively, reflecting their confidence in the company’s future direction.
Details of the Arrangement and Shareholder Input
During the special meeting, shareholders overwhelmingly supported the agreement with related parties of the LiUNA Pension Fund of Central and Eastern Canada. The proposal involves 1001095275 Ontario Inc. handling the acquisition of all outstanding common shares of Entourage Health Corp. at a cash price of $0.005 per share. The meeting recorded an impressive 95.647% approval from shareholders who were either present or represented by proxy.
Voting Confidence
The resolution required a two-thirds majority vote from all shareholders, including those not associated with the purchaser. Impressively, 90.477% of these votes came from independent shareholders, emphasizing the trust existing in this strategic move.
Projected Timeline for Implementation
If all goes as planned, the arrangement will take effect around the end of March. However, this timeline hinges on Entourage receiving the final order from the Ontario Superior Court of Justice and fulfilling various customary conditions. Upon completion, Entourage’s common shares will be delisted from the TSX Venture Exchange.
Steps for Registered Shareholders
For shareholders, important steps need to be taken to finalize the arrangement. Registered shareholders are advised to submit a completed Letter of Transmittal alongside their share certificates to TSX Trust Company (TSXT), the designated depositary for cash compensation. For assistance, shareholders can reach TSXT directly via their toll-free number or email.
Understanding Entourage Health Corp. in the Market
Entourage Health Corp. is not only a significant player in the cannabis market with a state-of-the-art processing facility but also aims to redefine how cannabis products are marketed. The company operates a fully licensed facility and markets a diverse portfolio, from products aimed at medical patients to adult-use offerings featuring brands like Color Cannabis and Saturday Cannabis. The exclusive partnership with LiUNA further enhances their strategy in reaching a wider market.
Innovative Partnerships Enhance Distribution
One of the unique features of Entourage’s market strategy is the partnership with LiUNA, which boosts their visibility and accessibility across diverse consumer bases. This partnership allows Entourage to tap into new, strategic alliances ensuring their products are available where consumers need them the most.
Future Forecast and Innovations
The cannabis industry is growing rapidly, and Entourage is in a prime position to leverage this growth with innovative strategies and quality products. Their recent announcements solidify their innovative direction, especially as they prepare to transition into a private company. This move indicates strong foresight and adaptability in an ever-evolving landscape, ensuring they remain competitive.
Investor Insights and Communication
Entourage values communication with its stakeholders. For any inquiries regarding the ongoing developments or specific processes, interested parties can reach out directly to their investor relations. This commitment to keeping shareholders and the public informed showcases their dedication to transparency and shareholder value.
Frequently Asked Questions
What is the main focus of the recent arrangement by Entourage Health?
The arrangement allows Entourage to transition to a privately held company, enabling more strategic flexibility.
How did shareholders vote on the arrangement?
Shareholders showed overwhelming support with 95.647% approval during the special meeting.
What are the expected benefits of the transition to a private entity?
The primary benefit includes greater operational flexibility and the potential for more focused growth strategies maintaining market competitiveness.
What steps must shareholders take after the arrangement?
Shareholders need to submit their Letter of Transmittal and share certificates to TSXT to receive their cash compensation.
What types of products does Entourage Health offer?
Entourage Health offers a range of cannabis products for both medical and recreational use, supported by their various branded offerings.
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