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GIL Gildan Activewear Inc

51.41
2.60 (5.33%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Gildan Activewear Inc TSX:GIL Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.60 5.33% 51.41 50.57 51.51 51.50 48.72 48.88 503,066 21:14:58

DDS Wireless Shareholders Approve Going-Private Transaction

23/06/2014 6:55pm

Marketwired Canada


DDS Wireless International Inc. (TSX:DD) ("DDS Wireless" or the "Company"), a
world leader in providing wireless data solutions for fleet management, which it
has been providing for more than 26 years, is pleased to announce that it has
received shareholder approval for its previously announced going-private
transaction (the "Transaction"). Pursuant to the Transaction, 0998556 B.C. Ltd.
(the "Purchaser"), a wholly-owned subsidiary of Ghai Investments Ltd. ("GIL"), a
private company controlled by Vari Ghai, the Chief Executive Officer and a
director of the Company, will acquire all of the issued and outstanding common
shares of the Company ("Common Shares") that the Purchaser and its affiliates do
not already own for cash consideration of $2.25 per Common Share (the
"Consideration") by way of a plan of arrangement (the "Arrangement"). Pursuant
to the Arrangement, all of the outstanding options of the Company ("Options")
will be cancelled and option holders of such cancelled Options that have an
exercise price that is less than the Consideration will receive a cash amount
equal to the amount by which the Consideration exceeds the exercise price.


Approval of the Transaction was given at a special meeting of the Company's
shareholders held on June 23, 2014 (the "Meeting"). At the Meeting, (i)
approximately 98.85% of the votes cast by the holders of Common Shares, and (ii)
approximately 95.52% of the votes cast by holders of Common Shares excluding the
Purchaser and its affiliates were voted in favour of the Arrangement. The
completion of the Arrangement is subject to the final approval of the Supreme
Court of British Columbia and the satisfaction of certain other closing
conditions customary in a transaction of this nature. The Company is currently
scheduled to return to court on June 26, 2014 to seek a final order to implement
the Arrangement. Assuming that these conditions are satisfied, it is expected
that the closing of the Arrangement will be completed on June 27, 2014.


Further information regarding the Meeting and the proposed Arrangement are
contained in the Company's management information circular for the Meeting dated
May 22, 2014, which is available under the Company's profile on the System for
Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.


About DDS Wireless International Inc.

DDS Wireless International Inc. is a global leader in providing application
software for multiple vertical markets within the transportation industry. The
Company specializes in transit routing and scheduling, real-time dispatching,
vehicle location and tracking software applications, communications
infrastructure as well as in-vehicle wireless devices. DDS Wireless operates
three businesses dedicated for Taxi, Transit and New Markets such as OEM
partners, Limousines, Airport Shuttles and Buses. The Company supports its
customers worldwide through its offices in Canada, Finland, Singapore, Sweden,
U.K. and U.S.A.


Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking information or forward-looking
statements (collectively referred to as "forward-looking statements"), including
statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential", or the negative thereof or
other variations thereof or comparable terminology. Such forward-looking
statements include, without limitation, statements regarding the completion of
the Arrangement and Going Private Transaction and other statements that are not
historical facts. While such forward-looking statements are expressed by DDS
Wireless, as stated in this release, in good faith and believed by DDS Wireless
to have a reasonable basis, they are subject to important risks and
uncertainties including, without limitation, TSX and Court approvals, the
satisfaction or waiver of the conditions set out in the Arrangement Agreement,
and changes in applicable laws or regulations, which could cause actual results
to differ materially from future results expressed, projected or implied by the
forward-looking statements. As a result of these risks and uncertainties, the
Arrangement could be modified, restructured or not be completed, and the results
or events predicted in these forward-looking statements may differ materially
from actual results or events. These forward-looking statements are not
guarantees of future performance, given that they involve risks and
uncertainties. DDS Wireless is not affirming or adopting any statements made by
any other person in respect of the Arrangement and expressly disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities law. Investors should not assume that any lack
of update to a previously issued forward-looking statement constitutes a
reaffirmation of that statement. Reliance on forward-looking statements is at
investors' own risk.


For further information about DDS Wireless, please visit www.ddswireless.com.

FOR FURTHER INFORMATION PLEASE CONTACT: 
DDS Wireless International Inc.
Investor Relations
(604) 241-1441
Investors@ddswireless.com
www.ddswireless.com

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