OSI Geospatial Inc.'s plan of arrangement becomes effective
July 12 2012 - 11:22PM
PR Newswire (Canada)
VANCOUVER, July 13, 2012 /CNW/ - OSI Geospatial Inc. ("OSI" or the
"Company") is pleased to announce that the Company's previously
announced going private transaction (the "Transaction") carried out
by way of a plan of arrangement under the Business Corporations Act
(British Columbia) (the "Transaction") became effective today. The
Transaction provides, among other things, that (i) each Class "B"
Series 2 Preference Share (a "Preferred Share") held by a preferred
shareholder be converted into common shares of the Company (the
"Common Shares") at a conversion rate of 156.667 Common Shares per
Preferred Share, which is equivalent to a value of $9.40 per
Preferred Share, and (ii), all of the issued and outstanding Common
Shares be consolidated on a 250,000 to 1 basis and common
shareholders holding less than one post-consolidation Common Share
be paid $0.060 in cash, representing a 33% premium to the
pre-consolidation market price for the Common Shares, per
pre-consolidation Common Share held by them. The Common Shares of
OSI were delisted from the TSX Venture Exchange on July 12, 2012.
The Company is in the process of applying to the relevant
securities commissions to cease to be a reporting issuer and
expects to close the Transaction in late July 2012. Further details
regarding the Transaction are set out in the management information
circular dated May 16, 2012, which is available under the Company's
profile on SEDAR. About OSI Geospatial Inc. OSI Geospatial Inc.
operates two distinct business units: Offshore Systems Ltd. (based
in Vancouver, British Columbia), a world-leading naval fleet
supplier of integrated navigation and tactical solutions; and CHI
Systems, Inc. (based in Philadelphia, Pennsylvania), a leading-edge
research, development, and systems integration supplier of
technology solutions for defense, aerospace, health, and bioscience
markets. OSI Geospatial systems and software are in use by
military, government, and commercial customers around the world.
The Company is publicly traded on the TSX Venture Exchange. For
additional information please visit www.osigeospatial.com. OSI
Geospatial Inc. CONTACT: Jim GirardChief Financial Officer and
Secretary+1 778-373-4600 +1 888 880 9797+1 778-373-0027
(FAX)invest@osigeospatial.com
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