- a 107% premium to the closing price of the Common Shares on
April 4, 2023 ; - a 31% premium to the highest price at which the Common Shares traded during the period since the abandonment of the Corporation's Fezagepras clinical program; and
- a 44% premium to the volume-weighted average price of the Common Shares since the effectiveness of the 1-for-10 share consolidation.
Thomvest presented its proposal in a letter to the board of directors of the Corporation (the "Proposal Letter") on
No assurances can be given that a definitive agreement with respect to the proposed transaction will be entered into, as to the final terms of any agreed transaction or that a transaction will be consummated.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires that an early warning report be filed under the Corporation's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Karen Morris (tel: (416) 364-8700).
On
On
Thomvest and its affiliates may at any time, or from time to time: acquire additional Common Shares or dispose of Common Shares; propose, pursue or choose not to pursue the Proposal; change the terms of the Proposal, including the price, form of consideration, conditions or scope of the transaction; or change their intentions with respect to any such matters.
While the Proposal remains under consideration or negotiation by the Corporation and its board of directors (including the independent committee), Thomvest and/or its affiliates expect to respond to inquiries from, and negotiate the terms of the Proposal with, the Corporation and its board of directors (including the independent committee) or their respective representatives. These negotiations may include changes to the terms of the Proposal, including the consideration. Thomvest does not intend to make additional disclosure regarding the Proposal until a definitive agreement has been reached or unless disclosure is otherwise required under applicable
Other than as described in this report and in the Proposal Letter, Thomvest and its affiliates have no plans or proposals of the type referred to in clauses (a) through (k) of Thomvest's early warning report filed on SEDAR, although it and its affiliates reserve the right to formulate such plans or proposals in the future. If the proposed transaction is not consummated, Thomvest and its affiliates will continue to regularly review and assess their investment in the Corporation and, depending on market conditions and other factors, may determine, from time to time, to engage in any of the actions set forth in Items 5(a) through (k) of Thomvest's early warning report filed on SEDAR.
Thomvest and its affiliates are a group of investment companies which make investments on behalf of
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