Albatross Bidco a wholly-owned subsidiary of Latécoère has acquired all the issued and outstanding common shares of Avcorp under the Canada Business Corporations Act.
Under the agreement, Albatross Bidco acquired the shares for a consideration of $0.11 in cash per Avcorp Share, and each outstanding option to acquire Avcorp Shares (the "Avcorp Options") automatically vested and was canceled in exchange for a cash payment from the Company equal to the amount (if any) by which $0.11 exceeds the exercise price of such Avcorp Option.
As a result of the Arrangement, Avcorp Shares are expected to be delisted from the Toronto Stock Exchange and Avcorp intends to apply to the applicable securities regulators in Canada to cease to be a reporting issuer.
The arrangement was overwhelmingly approved by Avcorp shareholders and option holders at an annual general and special meeting of Avcorp security holders held on June 30, 2022.