Carmanah Technologies Corp. (CMH-T) announced after markets closed on Tuesday, May 7th, 2019 that it has received a proposal from companies controlled by directors and shareholders James Meekison and Terry Holland to purchase all shares of Carmanah they don’t already own or control for $7.35 per share, payable in cash. The stock closed at $6.83 on the Toronto Stock Exchange on Tuesday.
Mr. Meekison and Mr. Holland together own or control about 5.7 million common shares or 30.3 per cent of the company, the release states.
Carmanah said it has established a special committee of its board of directors to consider the proposal “and any potential alternative transactions and ultimately make a recommendation regarding the course of action which it considers to be in the best interests of Carmanah.”
Krystal Growth Partners is pleased to be partnering with James Meekison in this transaction and sees it as an opportunity both to provide Carmanah shareholders with an attractive cash offer for their shares and work with Carmanah management to grow their remaining businesses.