CALGARY, July 26, 2016 /PRNewswire/ - SMART Technologies Inc. (NASDAQ: SMT) (TSX: SMA) ("SMART" or the "Company"), a leading provider of education and business collaboration solutions, announces that, further to its press release dated May 26, 2016, the holders of common shares ("Common Shares") of the Company ("Shareholders") have approved the proposed arrangement involving the Company, 689522 N.B. Ltd. ("AcquisitionCo"), Foxconn Singapore (Pte). Ltd. and the Shareholders pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the terms of the Arrangement, Shareholders will receive from AcquisitionCo a cash payment of US$4.50 per Common Share upon completion of the Arrangement. The Arrangement was approved by approximately 96.2% of the votes cast by Shareholders at the special meeting (the "Meeting") of Shareholders held on July 22, 2016.
An application for a final order approving the Arrangement was commenced today at the Court of Queen's Bench of Alberta and will be completed on Thursday, July 28, 2016 at 10:00 a.m. (Calgary time). SMART will provide a further update on the status of the final order when available.
Further details regarding the Arrangement are contained in the Company's management information circular dated June 17, 2016 which has been filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
The closing of the Arrangement is subject to the satisfaction of a number of conditions precedent for transactions of this nature. If these conditions are satisfied or waived, it is expected that the Arrangement will close during the second quarter of fiscal 2017, after which time the Common Shares will be delisted from the Toronto Stock Exchange and the NASDAQ Stock Market.
SMART Technologies Inc. (NASDAQ: SMT, TSX: SMA) is a world leader in simple and intuitive solutions that enable more natural collaboration. We are an innovator in interactive touch technologies and software that inspire collaboration in both education and business around the globe. To learn more, visit smarttech.com.
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Certain information contained in this press release may constitute forward-looking information including, without limitation, statements concerning the anticipated completion of the proposed Arrangement and the anticipated timing thereof. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. We do not assume responsibility for the accuracy and completeness of the forward-looking information or statements. Any forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement.
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Please note that SMART is written in all capital letters.
SOURCE SMART Technologies Inc.