Braille Energy Systems Inc. Adopts Shareholder Rights Plan
OTTAWA, ON / ACCESSWIRE / November 25, 2022 / Braille Energy Systems Inc. (TSXV:BES) ("BESI" or the "Company") announced today that its board of directors has adopted a shareholder rights plan (the "Rights Plan") effective November 24, 2022.The …
OTTAWA, ON / ACCESSWIRE / November 25, 2022 / Braille Energy Systems Inc. (TSXV:BES) ("BESI" or the "Company") announced today that its board of directors has adopted a shareholder rights plan (the "Rights Plan") effective November 24, 2022.
The adoption of the Rights Plan is intended to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any take-over bid for the Company's shares and to protect against acquisitions of control of the Company through purchases of shares that are exempt from applicable Canadian take-over bid rules, also referred to as "creeping" take-over bids. The Rights Plan is substantially similar to shareholder rights plans adopted by other Canadian issuers and, it was not adopted in response to any specific proposal or intention to acquire control of the Company.
Subject to the terms of the Rights Plan, in the event that rights become exercisable under the Rights Plan, holders of the rights (other than the acquiring person and certain other customary parties, including parties acting jointly or in concert with the acquiring person) will be permitted to exercise their rights to purchase additional common shares of the Company at a 50% discount to the then prevailing market price of the common shares. Pursuant to the Rights Plan, one right attaches to each issued and outstanding common share.
The Rights Plan is effective immediately but is subject to ratification by shareholders of the Company at BESI's 2023 annual meeting of shareholders expected to be held in May 2023 and to approval of the TSX Venture Exchange. If the Rights Plan is not ratified by BESI shareholders on or prior to May 24, 2023 the Rights Plan will terminate and all rights issued thereunder will be cancelled. A copy of the Rights Plan will be filed under the Company's profile on SEDAR at www.sedar.com.
About Braille Energy Systems Inc.
Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at: www.brailleenergysystemsinc.com or www.braillebattery.com.