Lumenpulse Shareholders Vote to Return the Company to a Private One
MONTREAL, QUEBEC — (Marketwired) — 06/16/17 — Lumenpulse Inc. (TSX: LMP) (“Lumenpulse” or the “Company”), the parent company of the Lumenpulse Group, a leading manufacturer of high performance, specification-grade LED lighting solutions, is pleased to announce that its shareholders have approved the previously-announced statutory plan of arrangement under the provisions of the Canada Business Corporations Act involving the Company and 10191051 Canada Inc., pursuant to which a group led by Mr. Francois-Xavier Souvay, the Founder, President and CEO of Lumenpulse, several other existing shareholders of the Company and Power Energy Corporation, a wholly-owned subsidiary of Power Corporation of Canada, will indirectly acquire all of the issued and outstanding common shares of Lumenpulse for $21.25 per share in cash.
The plan of arrangement was approved by 99.9% of the votes cast by shareholders and by 99.9% of the votes cast by shareholders other than interested shareholders at the special meeting of shareholders of Lumenpulse held earlier today.
The plan of arrangement remains subject to the approval of the Superior Court of Quebec. The hearing in respect of the final order approving the plan of arrangement is scheduled to take place on June 20, 2017. Subject to obtaining the requisite Court approval, the transactions contemplated by the plan of arrangement are expected to close on or about June 21, 2017.