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For years the Corporation has both pursued or entertained potential business combination transactions. The distinctly different profiles of the North American and PNG businesses have proven to be the main impediment to identifying transactions acceptable to all parties and in the best interests of Shareholders. Finding unique companies desirous of being linked to both distinct businesses has proven unsuccessful.
Upon completion of the Arrangement and election or re-election by Shareholders at the Meeting, the Board of High Arctic will consist of:The management of High Arctic will consist of:High Arctic is actively pursuing permanent CEO placement options. If the Arrangement is approved, Mr. Maguire will assume the role in an interim capacity and transition duties to a new CEO appointed by the Board.
Lightyear Capital Inc. has provided to the Board of Directors an opinion that, as of the date of the Fairness Opinion and based upon and subject to the assumptions, limitations, qualifications and conditions described therein, the consideration to be received by Shareholders pursuant to the Arrangement was fair, from a financial point of view, to such Shareholders.
The Return of Capital will require approval by a minimum of 66 2/3% of the votes cast by High Arctic shareholders, voting in person or by proxy, at the Meeting. The Board of Directors of High Arctic, including the Hon.