The previously announced plan of arrangement under the Canada Business Corporations Act (the “Arrangement”) between Avcorp and Albatross Bidco Inc. (the “Purchaser”), a wholly-owned subsidiary of Latécoère S.A., has been successfully completed, the company Avcorp Industries Inc. (TSX: AVP) (the “Company” or “Avcorp”) is happy to announce.

Each outstanding option to purchase Avcorp Shares (the “Avcorp Options”) automatically vested and was cancelled under the terms of the Arrangement in exchange for a cash payment from the Company equal to the amount (if any) by which $0.11 exceeds the exercise price of such Avcorp Option. The Purchaser acquired all of the issued and outstanding common shares of Avcorp (each, a “Avcorp Share”) for consideration of $0.11 in cash per Avcorp Share. At an annual general and special meeting of Avcorp securityholders held on June 30, 2022, the Arrangement was overwhelmingly adopted by Avcorp shareholders and optionholders.
The Avcorp Shares are anticipated to be delisted from the Toronto Stock Exchange as a result of the Arrangement, and Avcorp plans to apply to stop being a reporting issuer with the relevant Canadian securities regulators.

Source: Prnewswire