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Avcorp Completes Plan of Arrangement with Latécoère S.A., Shares to be Delisted from TSX
Wednesday, November 9, 2022Company Profile | Follow Company
Delta, BC, November 9, 2022--(T-Net)--Avcorp Industries Inc. (TSX: AVP) announced the successful completion of the previously announced plan of arrangement under the Canada Business Corporations Act between Avcorp and Albatross Bidco Inc., a wholly-owned subsidiary of Latécoère S.A.
Under the Arrangement, the Purchaser acquired all of the issued and outstanding common shares of Avcorp for consideration of $0.11 in cash per Avcorp Share and each outstanding option to acquire Avcorp Shares automatically vested and was cancelled 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.
As previously announced, the Arrangement was overwhelmingly approved by Avcorp shareholders and optionholders at an annual general and special meeting of Avcorp securityholders held on June 30, 2022.
As a result of the Arrangement, the Avcorp Shares are expected to be delisted from the Toronto Stock Exchange and Avcorp intends to submit an application to the applicable securities regulators in Canada to cease to be a reporting issuer.
Registered holders of Avcorp Shares are reminded that they must properly complete, sign and return the letter of transmittal, along with their share certificate(s), to TSX Trust Company, as depositary, in order to receive the consideration they are entitled to under the Arrangement.
Non-registered holders of Avcorp Shares should follow the instructions provided by their broker or other intermediary in whose name their Avcorp Shares are registered to receive the consideration they are entitled to under the Arrangement.
About Avcorp
The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation.
The Avcorp Group has more than 65 years of experience, over 490 skilled employees and 560,000 square feet of facilities. Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures.
The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light-weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in the State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).
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