TORONTO, Sept. 17, 2019 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX:CBL)
today announced that the Ontario Superior Court of Justice
(Commercial List) has granted an interim order (the "Interim
Order") authorizing various matters in connection with the
Company's previously announced plan of arrangement with Braslyn
Ltd. under Section 182 of the Business Corporations Act
(Ontario) (the
"Transaction") pursuant to an arrangement agreement dated
August 15, 2019.
The Interim Order provides, among other matters, that a special
meeting (the "Meeting") of holders of Callidus' common
shares ("Shareholders") may be held on October 23, 2019 at 2:00
p.m. (Toronto time) to
consider the Transaction and that the record date (the "Record
Date") for determining the Shareholders entitled to notice of,
and to vote at, such Meeting is the close of business (Toronto time) on September 23, 2019.
The Transaction is subject to approval of an affirmative vote of
at least two-thirds of the votes cast by the Shareholders present
in person or represented by proxy at the Meeting and a majority of
the votes cast by Shareholders, other than Shareholders whose votes
are required to be excluded for the purposes of "minority approval"
under Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. Further details
regarding the Transaction will be included in the management
information circular (the "Circular") to be mailed to
Shareholders of record as of the Record Date in accordance with
applicable securities law. The Circular will be filed by Callidus
on SEDAR and will be available under the Company's profile at
www.sedar.com.
Forward-Looking Statements
This press release contains
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"), including
forward-looking statements relating to the date of the Meeting, the
Record Date, the mailing of the Circular and the approval of the
Transaction by Shareholders. Such forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results,
performance or achievements or developments expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to, the failure of the parties to the Transaction to obtain
required approvals for the Transaction and the risks, factors and
assumptions discussed in the section entitled "Risk Factors" in the
Annual Information Form of the Company dated April 1, 2019 and other documents filed by the
Company with the Ontario Securities Commission and other securities
regulators across Canada. If any
such risks actually occur, they could impact the potential for
discussion, agreement or completion of the Transaction and/or
materially adversely affect the Company's business, financial
condition or results of operations. In that case, the trading price
of the Company's common shares could decline, perhaps materially.
Readers are cautioned not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
Forward-looking statements are provided for the purposes of
providing information about management's current expectations and
plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. The Company
does not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in the Company's expectations or
any change in events, conditions or circumstances on which any such
statement is based, except as required by law.
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company
that specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions who demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value
of the borrower's assets, its enterprise value and borrowing needs.
Further information is available on our
website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation