VANCOUVER, British Columbia, March 31, 2020 (GLOBE NEWSWIRE) — Prospect Park Capital Corp. (the “Company”) (TSXV:PPK), is pleased to announce that its shareholders have voted at the annual and special meeting of shareholders (the “Meeting”) on March 13, 2020 in favour of all matters put to shareholders at the Meeting, including the share consolidation. For more information on the matters voted on at the Meeting, please see the Company’s management information circular dated February 10, 2020 (the “Circular”), which is available on SEDAR at www.sedar.com.
Accordingly, effective April 2, 2020 (the “Effective Date”) at market open, the Company will effect the consolidation (the “Consolidation”) of its common shares (the “Common Shares”) on the basis of one (1) new post-Consolidation Common Share for every five (5) pre-Consolidation Common Shares. The Consolidation has been accepted by the Exchange.As a result of the Consolidation, the 9,819,117 Common Shares currently issued and outstanding will be reduced to approximately 1,963,823 Common Shares on a post-Consolidation basis. No fractional Common Shares will be issued pursuant to the Consolidation. In the event that a shareholder would otherwise be entitled to a fractional Common Share in connection with the Consolidation, the number of Common Shares issued to such shareholder shall be rounded down to the next greater whole number of Common Shares, if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of Common Shares if the fractional entitlement is less than 0.5.The Consolidation will affect shareholders uniformly, including holders of outstanding securities convertible into or exercisable for Common Shares (namely, the outstanding incentive stock options) on the Effective Date. The exercise price, number and exchange basis of the stock options on the Effective Date will be adjusted proportionally to reflect the Consolidation.Registered shareholders will be required to exchange their share certificates representing pre-Consolidation Common Shares for new share certificates representing post-Consolidation Common Shares. The registered holders of Common Shares will be sent a transmittal letter by the Company’s transfer agent, Computershare Investor Services Inc. The letter of transmittal will contain instructions on how to surrender Common Share certificate(s) representing pre-Consolidation Common Shares to the transfer agent. The transfer agent will forward to each registered shareholder who has sent the required documents a new Direct Registration Advice (DRS Advice) representing the number of post-Consolidation Common Shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-Consolidation Common Shares of the Company will be deemed for all purposes to represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Non-registered shareholders holding Common Shares through an intermediary (such as a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation. If shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include statements about the Consolidation and statements about the trading of Common Shares on the Effective Date. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results, including without limitation unknown events as a result of the COVID-19 pandemic. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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