In the news release, Consolidated HCI Holdings Corporation
Announces Share Consolidation, issued 04-Mar-2019 by Consolidated HCI Holdings
Corporation over CNW, we are advised by the company that the
referenced record date for the Meeting in the first paragraph,
should read "February 20, 2019" rather than "February 25, 2019" as
originally issued inadvertently. The complete, corrected release
follows:
Consolidated HCI Holdings Corporation Announces Share Consolidation
CONCORD, ON, March 4, 2019 /CNW/ - Consolidated HCI
Holdings Corporation (NEX:CXA.H) (the "Company") announces that it
has filed its management information circular and related proxy
materials (collectively, the "Meeting Materials") on SEDAR and that
the Meeting Materials have been mailed to shareholders of the
Company in connection with its annual and special meeting of
shareholders to be held on March 29,
2019 (the "Meeting"). The record date for the Meeting
is February 20, 2019.
The Meeting is being held to:
- appoint PricewaterhouseCoopers LLP, as the auditors of the
Company for the ensuing year;
- elect the directors; and
- seek shareholder approval of a special resolution to amend the
articles of the Company to allow for a consolidation of the
Company's issued and outstanding Class B shares on the basis of one
(1) new Class B share for up to every twenty (20) existing Class B
shares, with the final consolidation ratio to be determined by the
board of directors of the Company (the "Board"), all as more
particularly described in the Meeting Materials (the
"Consolidation").
The Company believes that completion of a Consolidation may
facilitate the ability of the Company to affect future financings
and seek out other business opportunities, and that shareholders
should provide the Company with approval to complete a
Consolidation in the future should the Board deem it necessary and
in the best interest of the Company. It is not the Company's
intention to complete the Consolidation unless the Board determines
that it is in the best interests of the Company on a going forward
basis.
As at March 4, 2019, there were
20,575,866 Class B shares of the Company issued and outstanding. In
the event that the Consolidation is approved and the Company
subsequently determines to effect the Consolidation, at a maximum
conversion ratio of 1:20, there would be an aggregate of 1,028,793
Class B shares outstanding immediately thereafter (calculated based
on the number of Class B shares of the Company currently issued and
outstanding). The Consolidation remains subject to shareholder
approval and the approval of the NEX board of the TSX Venture
Exchange.
Forward-Looking Statements
This news release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of Canadian
securities laws. All statements other than statements of historical
fact are forward-looking statements. Undue reliance should not be
placed on forward-looking statements, which are inherently
uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and
specific) that contribute to the possibility that the future events
or circumstances contemplated by the forward-looking statements
will not occur, including the receipt of all applicable shareholder
and regulatory approvals of the Consolidation. Although the Company
believes that the expectations reflected in the forward looking
statements contained in this press release, and the assumptions on
which such forward-looking statements are made, are reasonable,
there can be no assurance that such expectations will prove to be
correct. Readers are cautioned not to place undue reliance on
forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon
which the forward-looking statements are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause the
Company's actual performance and results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. The forward-looking statements contained in this news
release are made as of the date hereof and the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, except as required by
applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Consolidated HCI Holdings Corporation