Critical Control Announces Its Annual and Special Meeting Voting Results
Calgary, Alberta--(Newsfile Corp. - May 31, 2019) - Critical Control Energy Services Corp. (formerly TSX: CCZ) ("Critical Control" or the "Corporation") announces that all the motions put forth at its annual and special meeting held in Calgary on May 27, 2019 were approved by the holders of common shares and Series A preferred shares.
Each of the following director nominees proposed by management of the Corporation was elected as follows:
|Votes For (%)|
A resolution to amend the articles of the Corporation to create a Series B preferred share as set forth in Schedule A to the Management Information Circular of the Corporation dated April 18, 2019 was approved by special resolution. 99.83% of the Common shareholders and 99.92% of the Preferred Shareholders voted in favour of the amendment.
A resolution to approve a plan of arrangement between 2209021 Ontario Inc., Alykhan Mamdani and the Corporation (the "Arrangement) was approved. 99.77% of the Common shareholders and 99.83% of the preferred shareholders voted in favour of the Arrangement.
The detailed terms of the Arrangement are set forth in Schedule B to the Management Information Circular of the Corporation dated April 18, 2019. The terms include the following:
- A private placement by Alykhan Mamdani and 2209021 Ontario Inc. to fund the Arrangement.
- The election by shareholders to elect to (i) receive cash of $0.08 per common share and $0.42 per preferred share; (ii) receive 1 new common share for each 5.25 old common shares; (iii) receive 2 new common shares for each Series A preferred share; and/or (iv) receive 1 new Series B preferred share for each Series A preferred share.
Pursuant to the terms of the Arrangement, those shareholders who did not submit a valid election or who own fewer than 500 preferred shares or 2,625 common shares will receive cash consideration.
The completion of the Arrangement is subject to final approval by the Court of Queen's Bench of Alberta. The hearing to seek the final order approving the Arrangement has been set for June 4, 2019.
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it, and the business intelligence to make quicker and more informed operational decisions.
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