ProPhotonix Limited Announces NOTICE OF EXTENSION OF RIGHTS PLAN
ProPhotonix Limited announces an extension of its Shareholder Rights Plan until August 28, 2023, to protect shareholders' interests during potential takeover attempts. The unanimous decision by the Board aims to ensure fair treatment and enhance negotiation abilities with prospective acquirers. The Plan is compliant with Delaware law and does not fall under the UK takeover regulations. Shareholders can find detailed terms and amendments on the company’s website.
- Extension of the Shareholder Rights Plan until August 28, 2023, enhancing shareholder protections.
- Decision made unanimously by the Board, indicating strong governance.
- None.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
SALEM, NH / ACCESSWIRE / August 25, 2020 / ProPhotonix Limited (London Stock Exchange - AIM:PPIX, OTC:STKR), a leading technology designer and manufacturer of LED illumination systems and laser diode modules, today announces the extension of the existing Shareholder Rights Plan.
The Board of Directors of ProPhotonix have unanimously approved extension of the Company's Rights Plan (the "Plan") until August 28, 2023. The Plan is designed to ensure that all shareholders of the Company realize the long‐term value of their investment in the Company; that they receive fair and equal treatment in the event of a potential takeover of the Company; that they are protected in the event of any of a two‐tier or partial tender offer, open market accumulations and other tactics designed to gain control of the Company without the payment of a fair price by an offeror; and to enhance the Board of Directors' ability to negotiate with a prospective acquirer. The Board determined that extension of the Plan is in the best interest of the Company's shareholders.
The Plan and the extension of the Plan were adopted in accordance with Delaware law. As set out on the Company's website, the Company is not subject to the City Code on Takeovers and Mergers. A summary of the terms of the Plan, and a copy of the Plan as amended, are available on the Company's website at http://www.prophotonix.com/investors/Stockinfo.aspx.
For further information:
ProPhotonix Limited | |
Tim Losik | President and CEO Tel: +1 603 893 8778 Email: ir@prophotonix.xom |
WH Ireland Limited | |
Katy Mitchell Matthew Chan | Nominated Adviser and Broker Tel: +44 (0) 20 7220 1666 |
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a high technology designer and manufacturer of LED illumination systems and laser diode modules for industry leading OEMs and medical equipment companies. In addition, the Company distributes premium diodes for Ushio, Osram, QSI, Panasonic, and Sony. The Company serves a wide range of markets including the machine vision, industrial inspection, security, and medical markets. ProPhotonix has offices and subsidiaries in the U.S., Ireland, U.K., and Europe. For more information about ProPhotonix and its innovative products, visit the Company's website at www.prophotonix.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: ProPhotonix Limited
View source version on accesswire.com:
https://www.accesswire.com/603239/ProPhotonix-Limited-Announces-NOTICE-OF-EXTENSION-OF-RIGHTS-PLAN
FAQ
What is the recent announcement from ProPhotonix Limited regarding its Rights Plan?
Why did ProPhotonix extend its Shareholder Rights Plan?
How does the Rights Plan affect ProPhotonix shareholders?
Is the Rights Plan of ProPhotonix compliant with Delaware law?
Where can I find more information about ProPhotonix's Rights Plan?
