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Cliffside Capital Ltd. (TSXV:CEP) will soon see its common shares delisted from the TSX Venture Exchange. This development follows the successful completion of a court-approved Plan of Arrangement under the Business Corporations Act (Ontario). This arrangement was formalized through an agreement dated July 16, 2024, between CEP, Cliffside Ltd. (the Buyer), and two other unrelated parties. As per the agreement, the Buyer has acquired all of CEP’s issued and outstanding common shares.
Under the terms of the arrangement, CEP shareholders are entitled to receive $0.10 per common share. However, shareholders had the option to receive common shares in the capital of the Buyer instead of cash. This option was available to those who chose to take it. The arrangement was approved by CEP’s shareholders on September 4, 2024.
To claim the payment for their shares, registered shareholders must surrender their CEP share certificates and submit a completed Letter of Transmittal to Computershare Investor Services Inc. Detailed instructions for this process are provided in the Management Information Circular dated August 8, 2024. This circular outlines the procedure for submitting share certificates and receiving the payment or alternative shares, as well as other relevant details.
For those seeking further information, the Management Information Circular and the news releases issued on July 16, 2024, September 4, 2024, and September 13, 2024, offer comprehensive details regarding the arrangement and the delisting process.
This delisting marks the conclusion of CEP's trading activity on the TSX Venture Exchange, following the completion of the acquisition and arrangement. Shareholders are advised to review the aforementioned documents carefully to ensure proper handling of their shares and receipt of any applicable payments or alternative shares.
