(May 30 – 15:55 ET) – Shareholders of Equisure Financial Network Inc have approved the adoption of a shareholder rights plan. The plan had been adopted by the board of directors on March 22. The board has been seeking interested parties who might wish to make a take over bid.
George R. Hutchison, chairman and CEO of Equisure, stated that numerous confidentiality agreements have been signed by interested parties. It is expected that this will result in selected parties being given access to the Equisure data room over the next couple of weeks.
Hutchison also announced that Equisure had been advised by ING Canada Inc. that ING considers the issuance of rights pursuant to the plan and any shares issued from the plan to be subject to a right of first refusal in contained in an agreement between ING and Equisure.
The specific provision ING relies on provides ING with a right of first refusal in certain circumstances to purchase certain securities of Equisure if Equisure proposes to offer such securities for sale.
Mr. Hutchison stated that it was Equisure’s position that the clause in question does not apply in respect of rights or shares issued under the shareholder rights plan.
ING holds about 15.5% of Equisure’s outstanding common shares of Equisure.
Equisure was recently recognized by Profit Magazine as one of the fastest growing companies in Canada.
-IE Staff
http://www.newswire.ca/releases/May2000/30/c9608.html