Sugarbud Reminds Shareholders of Upcoming Annual General Meeting and Provides Additional Details Regarding Proposed Share Consolidation
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Sugarbud shareholders are reminded to vote in advance of the proxy cut-off of February 4, 2022, at 9:00 a.m. (Calgary time)
- Shareholders with questions or require assistance with voting should call Laurel Hill Advisory Group at 1-877-452-7184 or by email at assistance@laurelhill.com
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Independent proxy advisor, Institutional Shareholder Services, recommends shareholders vote for the proposed share consolidation
CALGARY, Alberta, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDF) ("Sugarbud" or the "Company") reminds shareholders of the upcoming annual general and special meeting (the "Meeting") of shareholders to be held by means of a remote communication via webcast on Tuesday, February 8th, 2022 at 9:00 a.m. (MST) at:
Meeting Details
Meeting Link: https://us06web.zoom.us/j/85374306178?pwd=cWpIUmFGNFF6bENyQThxbWJlUUZU ...
Meeting ID: 853 7430 6178
Meeting Passcode: 310110
Share Consolidation
At the Meeting, Shareholders will be asked to consider for approval, among other things, a resolution authorizing a consolidation of the common share of the Company ("Shares") on the basis of a ratio of between 50 and 100 pre-consolidation Shares for each one post-consolidation Share (the "Consolidation").
The Consolidation will not change the % ownership each Shareholder has in the Company.
The proposed Consolidation is part of Sugarbud’s overall strategy to drive long-term shareholder value and to increase its profile as the Company continues to grow and evolve.
Reasons for Consolidation
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The Consolidation would provide greater flexibility for the Company with respect to future opportunities, including merger and acquisition activity (M&A). Under the rules of the TSX Venture Exchange, in order to issue new equity from treasury, the Company must meet certain minimum trading price requirements, which would be satisfied as a result of the Consolidation.
Furthermore, the Company believes the Consolidation will result in a number of additional potential benefits, including promoting increased liquidity and reducing volatility in the trading of the Shares.
ISS recommend shareholders support the consolidation
Institutional Shareholder Services ("ISS"), a leading independent proxy advisor who provides voting recommendations to institutional shareholders, has recommended that shareholders of Sugarbud vote FOR the special resolution approving the Consolidation.