COM DEV shareholders approve Arrangement with Honeywell
COM DEV International Ltd. (TSX:CDV), announced today that it has received shareholder approval for its plan of arrangement (the “Arrangement”) contemplated by the arrangement agreement among COM DEV, Honeywell Limited/Honeywell Limitée and Honeywell International Inc. entered into on November 5, 2015 (the “Arrangement Agreement”).
Approval was given at a special meeting of COM DEV shareholders held in Cambridge, Ontario on Thursday, January 21, 2016 (the “Special Meeting”). At the Special Meeting, 99.3% of the votes cast by COM DEV shareholders were voted in favour of the Arrangement, and total voter turnout represented 74.4% of the Company’s issued and outstanding shares.
Under the terms of the Arrangement, each COM DEV Shareholder will receive an initial cash payment of $5.125 per Common share, and 0.1977 of an exactEarth share (subject to adjustment). Each Shareholder will be eligible to receive a second payment of up to $0.125 per Common Share.
COM DEV is seeking a final order from the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement, at a hearing scheduled for January 25, 2016. Subject to the receipt of the final order and the satisfaction of other customary closing conditions, COM DEV anticipates that the Arrangement will become effective by early February 2016.
Full details of the Arrangement and certain other matters are set out in COM DEV’s management information circular dated December 21, 2015, and available on SEDAR at ww.sedar.com or on COM DEV’s website at www.comdev.ca/investors.
About COM DEV
COM DEV International Ltd. (www.comdev.ca) is a leading global provider of space hardware and services. The Company has a staff of more than 1,250, annual revenues of over $200 million, and facilities in Canada, the United Kingdom, the United States, India and China. COM DEV designs, manufactures and integrates advanced products, subsystems and microsatellites that are sold to major satellite prime contractors, government agencies and satellite operators, for use in communications, space science, remote sensing and defence applications. The Company has won contracts to supply its equipment on over 950 spacecraft. COM DEV’s majority-owned subsidiary, exactEarth Ltd., provides satellite data services for global maritime surveillance.
