OneSoft Solutions Inc. Announces Receipt of Interim Order from Court and Mailing of Circular for Special Meeting of Shareholders to Approve Arrangement with irth Solutions LLC and its Wholly-Owned Subsidiary irth Acquisition Corp.
OneSoft Solutions Inc. (TSX-V:OSS) announced the receipt of an interim order from the Court of King's Bench (Alberta) for its proposed acquisition by irth Acquisition Corp., a subsidiary of irth Solutions The arrangement involves irth acquiring all outstanding OneSoft shares for C$0.88 per share in cash, representing a 42% premium to the closing price on August 9, 2024, and a 28% premium to the 20-day volume-weighted average trading price.
A special meeting of shareholders will be held on October 24, 2024, to vote on the arrangement. The Board of Directors unanimously recommends shareholders vote FOR the arrangement, citing attractive consideration, certainty of value, immediate liquidity, and transaction certainty as key reasons. The arrangement is expected to close around October 30, 2024.
OneSoft Solutions Inc. (TSX-V:OSS) ha annunciato di aver ricevuto un'ordinanza provvisoria dal Tribunale della Corte del Re (Alberta) per la sua proposta di acquisizione da parte di irth Acquisition Corp., una sussidiaria di irth Solutions. L'accordo prevede che irth acquisisca tutte le azioni in circolazione di OneSoft per C$0,88 per azione in contanti, rappresentando un premio del 42% rispetto al prezzo di chiusura del 9 agosto 2024, e un premio del 28% rispetto al prezzo medio ponderato per volume delle ultime 20 giornate di trading.
Una riunione speciale degli azionisti si terrà il 24 ottobre 2024 per votare sull'accordo. Il Consiglio di amministrazione raccomanda all'unanimità agli azionisti di votare a favore dell'accordo, citando considerazioni vantaggiose, certezza del valore, liquidità immediata e certezza della transazione come motivi chiave. Si prevede che l'accordo si chiuda attorno al 30 ottobre 2024.
OneSoft Solutions Inc. (TSX-V:OSS) anunció la recepción de una orden temporal del Tribunal de la Corte del Rey (Alberta) para su propuesta de adquisición por parte de irth Acquisition Corp., una subsidiaria de irth Solutions. El acuerdo implica que irth adquiera todas las acciones en circulación de OneSoft por C$0.88 por acción en efectivo, lo que representa una prima del 42% con respecto al precio de cierre del 9 de agosto de 2024, y una prima del 28% con respecto al precio promedio ponderado por volumen de 20 días de negociación.
Se celebrará una reunión especial de accionistas el 24 de octubre de 2024 para votar sobre el acuerdo. La Junta Directiva recomienda unánimemente a los accionistas votar a favor del acuerdo, citando consideraciones atractivas, certeza de valor, liquidez inmediata y certeza de la transacción como motivos clave. Se espera que el acuerdo se cierre alrededor del 30 de octubre de 2024.
OneSoft Solutions Inc. (TSX-V:OSS)는 irth Solutions의 자회사인 irth Acquisition Corp.에 의한 제안된 인수에 대해 앨버타의 킹스벤치 법원으로부터 임시 명령을 받았다고 발표했습니다. 이 계약은 irth가 OneSoft의 모든 발행 주식을 주당 C$0.88에 현금으로 인수하는 것을 포함하며, 이는 2024년 8월 9일의 종가에 비해 42%의 프리미엄을 나타내고, 20일 평균 거래 가격에 비해 28%의 프리미엄을 나타냅니다.
주주 특별 회의는 2024년 10월 24일에 열릴 예정이며, 회의에서 계약안에 대한 투표가 이루어집니다. 이사회는 주주들에게 계약안에 찬성 표를 던질 것을 만장일치로 권장하며, 매력적인 고려 사항, 가치의 확실성, 즉각적인 유동성 및 거래의 확실성을 주요 이유로 제시했습니다. 계약은 2024년 10월 30일 경에 마감될 것으로 예상됩니다.
OneSoft Solutions Inc. (TSX-V:OSS) a annoncé avoir reçu une ordonnance intérimaire de la Cour du Roi (Alberta) concernant sa proposition d'acquisition par irth Acquisition Corp., une filiale d'irth Solutions. L'accord prévoit que irth acquière toutes les actions en circulation de OneSoft pour 0,88 C$ par action en espèces, ce qui correspond à une prime de 42% par rapport au prix de clôture du 9 août 2024, et une prime de 28% par rapport au prix moyen pondéré par le volume des 20 derniers jours de négociation.
Une assemblée spéciale des actionnaires se tiendra le 24 octobre 2024 pour voter sur l'accord. Le Conseil d'administration recommande à l'unanimité aux actionnaires de voter en faveur de l'accord, en citant des considérations attrayantes, la certitude de la valeur, la liquidité immédiate et la certitude de la transaction comme principales raisons. L'accord devrait être conclu aux alentours du 30 octobre 2024.
OneSoft Solutions Inc. (TSX-V:OSS) gab bekannt, dass es eine vorläufige Anordnung des King's Bench Gerichts (Alberta) für die vorgeschlagene Übernahme durch die irth Acquisition Corp., eine Tochtergesellschaft von irth Solutions, erhalten hat. Die Regelung sieht vor, dass irth alle ausgegebenen OneSoft-Aktien zu einem Preis von C$0,88 pro Aktie in bar erwirbt, was eine Premium von 42% im Vergleich zum Schlusskurs am 9. August 2024 und eine Premium von 28% im Vergleich zum 20-tägigen volumengewichteten Durchschnittskurs darstellt.
Am 24. Oktober 2024 findet eine außerordentliche Hauptversammlung der Aktionäre statt, um über die Regelung abzustimmen. Der Vorstand empfiehlt einstimmig, dass die Aktionäre für die Regelung stimmen, und nennt dabei attraktive Bedingungen, Wertersicherheit, unmittelbare Liquidität und Transaktionssicherheit als Hauptgründe. Die Regelung soll voraussichtlich um den 30. Oktober 2024 abgeschlossen werden.
- Offer price of C$0.88 per share represents a 42% premium to the closing price on August 9, 2024
- All-cash consideration provides immediate liquidity and certainty of value for shareholders
- Transaction is not subject to any financing condition
- Fairness opinion from Grant Thornton LLP supports the financial fairness of the consideration
- Shareholders will lose potential future upside of OneSoft's business growth
- Transaction may result in job losses or organizational changes post-acquisition
OneSoft Shareholders to receive cash payment of
$0.88 per Share - representing a42% premium to the closing price of the Shares on August 9, 2024 and a28% premium to the 20 day volume-weighted average trading price of the Shares.Provides Shareholders with immediate liquidity and certainty of value.
OneSoft's Board unanimously recommends that Shareholders vote FOR the Arrangement at the Meeting.
EDMONTON, AB / ACCESSWIRE / September 17, 2024 / OneSoft Solutions Inc. (TSX-V:OSS) ("OneSoft" or the "Corporation") is pleased to announce that on September 16, 2024, the Corporation received an interim order (the "Interim Order") from the Court of King's Bench (Alberta) regarding the previously announced plan of arrangement whereby irth Acquisition Corp. (the "Purchaser"), a wholly-owned subsidiary of irth Solutions LLC (the "Parent"), will acquire all of the issued and outstanding common shares of the Corporation (each, a "Share") for C
At the Meeting, Shareholders will be asked to consider and vote on the resolution to approve the Arrangement, which would involve, among other things, the Purchaser acquiring all the issued and outstanding Shares in exchange for the Consideration.
The Corporation's management information circular (the "Circular") and other meeting materials (together, the "Meeting Materials"), prepared in connection with the Arrangement are expected to be mailed to holders of Shares ("Shareholders") by September 27, 2024. The Circular contains, among other things, details concerning the Arrangement, the background to and reasons for the favourable recommendation of the Arrangement by both the Board of Directors (the "Board") and its special committee (the "Special Committee") comprised of independent directors, the requirements for the Arrangement to become effective, the procedure for receiving Consideration, and Meeting voting procedures. All Shareholders are urged to carefully review the Circular and accompanying Meeting Materials as they contain important information regarding the Arrangement and its consequences to Shareholders.
The Circular and accompanying Meeting Materials regarding the Arrangement will be mailed to Shareholders of record as of September 18, 2024, and will be available under the Corporation's profile on SEDAR+ at www.sedarplus.ca and available on OneSoft's website at www.onesoft.ca. Further details regarding the Meeting, including how Shareholders can attend and/or vote at the Meeting, are included in the Meeting Materials. Shareholders are reminded to vote before the proxy cut-off of 9:00 AM (Edmonton time) on October 22, 2024.
Selected Reasons for the Arrangement
Attractive Consideration with Significant Premium to Corporation Value. The Consideration payable under the Arrangement represents:
a premium of approximately
42% to the closing price per Share on the TSX-V on August 9, 2024, the last trading day immediately prior to the announcement of the Arrangement; anda premium of approximately
28% to the 20-day volume-weighted average trading price per Share on the TSX-V for the period ended August 9, 2024.
Certainty of Value and Liquidity. The Consideration is all cash, which allows Shareholders to immediately realize value for their investment. It also provides certainty of value and immediate liquidity compared to the risks, uncertainties, difficulty, and longer potential timeline for realizing equivalent value from the Corporation's business. The Corporation has historically experienced limited trading volume, making it difficult for Shareholders to realize meaningful liquidity without negatively impacting the price of the Shares.
Value Supported by a Fairness Opinion. The Board and Special Committee received a Fairness Opinion from Grant Thornton LLP, (the "Financial Advisor") to the effect that, based upon and subject to the assumptions, limitations and qualifications contained in such opinion, and such other matters as the Financial Advisor considered relevant, as of the date of such opinion, the Consideration to be received by the Shareholders under the Arrangement is fair, from a financial point of view, to the Shareholders.
Transaction Certainty. The Purchaser's obligation to complete the Arrangement is subject to a limited number of closing conditions that the Board believes are reasonable in the circumstances. Completion of the Arrangement is not subject to any financing condition and the parties do not anticipate any regulatory impediments to the consummation of the Transaction. The Purchaser is a credible purchaser backed by a financial sponsor with a strong track-record of investing in technology companies.
Attractive Transaction Relative to Alternatives. After consultation with its legal advisors and review of the Fairness Opinion from the Financial Advisor, and after taking into account other strategic opportunities reasonably available to the Corporation and the potential benefits, risks and uncertainties associated with those other opportunities, the Special Committee and the Board believes that the Arrangement represents the Corporation's best alternative for maximizing Shareholder value.
YOUR VOTE IS IMPORTANT. PLEASE VOTE WHEN YOU RECEIVE YOUR SHAREHOLDER INFORMATION PACKAGE.
The Board of Directors of OneSoft UNANIMOUSLY recommend that Shareholders vote FOR the Arrangement.
How to Vote
A proxy form or voting instruction form will accompany the Meeting Materials that the Shareholders receive by mail. Instructions on how to vote, which vary depending on whether you are a beneficial Shareholder or a registered Shareholder of the Corporation, are provided in the Circular.
If you are a registered Shareholder, we strongly encourage you to take the time to complete, sign, date and return the enclosed form(s) of proxy by no later than 9:00 AM (Edmonton time) on October 22, 2024 (or 48 hours prior to the time of any adjournment or postponement of the Meeting), to ensure that your Shares will be voted at the Meeting in accordance with your instructions, whether or not you are able to attend in person. If you hold your Shares through a broker or other intermediary, you should follow the instructions provided by your broker or other intermediary to vote your Shares.
About OneSoft
The Corporation is the creator of Cognitive Integrity Management or CIM software, an enterprise pipeline integrity management software-as-a-service solution. The Corporation's clients collectively manage approximately 150,000 miles of oil and gas pipeline assets and rely on CIM for asset integrity, regulatory and operational functionality management. The Corporation's solutions assist oil and gas pipeline operators to achieve their common objective of zero pipeline failures by providing advanced data management and predictive analytics capabilities and thereby reducing operational costs and risks. For more details, visit www.onesoft.ca.
For further information, please contact:
Dwayne Kushniruk, CEO
dkushniruk@onesoft.ca
(587) 416-6787
Sean Peasgood, Investor Relations
Sean@SophicCapital.com
(647) 494-7710
About irth Solutions LLC and irth Acquisition Corp.
Irth has served the critical network infrastructure industry for over 25 years developing and delivering enterprise software that blends business intelligence, artificial intelligence and geospatial data to provide the 360-degree situational awareness that owners and operators of critical network infrastructure need to intelligently and proactively mitigate and manage risk. For more details, visit www.irthsolutions.com.
For more information, please contact
Brad Gammons, CEO
bgammons@irthsolutions.com
(214) 695-7895
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
Certain statements made in this press release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to the rationale of the Special Committee and the Board for entering into the Arrangement Agreement, the expected benefits of the Arrangement, the timing of various steps to be completed in connection with the Arrangement, and other statements that are not material facts. Forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.
Although the Corporation believes that the forward-looking statements in this press release are based on information and assumptions that are reasonable, including assumptions that parties will receive, in a timely manner and on satisfactory terms, the necessary court and Shareholder approvals, and that the parties will otherwise be able to satisfy, in a timely manner, the other conditions to the closing of the Arrangement, these forward-looking statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond the Corporation's control and the effects of which can be difficult to predict: (a) the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required Shareholder, regulatory and court approvals and other conditions of closing necessary to complete the Arrangement or for other reasons; (b) risks related to tax matters; (c) the possibility of adverse reactions or changes in business resulting from the announcement or completion of the Arrangement; (d) the potential of a third party making a superior proposal to the Arrangement; (e) risks related to diverting management's attention from the Corporation's ongoing business operations; and (f) other risks inherent to the business carried out by the Corporation and factors beyond its control which could have a material adverse effect on the Corporation or its ability to complete the Arrangement.
The forward-looking statements in this press release speak only as of the date of this press release and the Corporation undertakes no obligation to update or revise any of these statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: OneSoft Solutions Inc.
View the original press release on accesswire.com
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