Helijet International Inc. (TSX-V: HJI) (“Helijet” or the “Corporation”) further to the Corporation’s news releases dated April 18, 2019 and May 16, 2019, the Corporation is pleased to announce that at its special meeting of shareholders held on June 19, 2019 (the “Meeting”), shareholders approved the statutory plan of arrangement under Section 192(1)(f.1) of the Canada Business Corporations Act, in order for the Corporation to complete a going private transaction (the “Arrangement”). The Arrangement was approved as a special resolution of shareholders with 99.97% of the votes cast at the meeting in favour of the Arrangement, and as a separate resolution of disinterested shareholders pursuant to the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions with 98.27% of the votes cast at the meeting by disinterested shareholders in favour of the Arrangement.
Approximately 88% of the common shares of Helijet are held by insiders and their extended family and one other extended family (the “Non-Participating Shareholders”). Pursuant to the Arrangement, Daniel Sitnam, the President and CEO of Helijet (the “Purchaser”) will acquire the remaining 12% of the common shares held by public shareholders at a price of $0.30 per common share (the “Consideration”). Following completion of the Arrangement, Helijet will apply to have its common shares delisted from the TSX Venture Exchange (the “TSXV”) and it will also apply to the applicable Canadian securities regulatory authorities to cease to be a reporting issuer in each province in which it currently reports.
Helijet intends to complete the Arrangement as soon as possible, although the Arrangement remains subject to (i) completion of financing of the purchase price by the Purchaser; (ii) final court approval; (iii) final approval of the TSXV; and (iv) completion by September 16, 2019. The hearing of the application for final court approval is scheduled for June 26, 2019 before the Supreme Court in Vancouver, British Columbia.
Further details of the Arrangement are set out in the Corporation’s information circular prepared for the Meeting dated May 15, 2019, copies of which were mailed to shareholders and filed on SEDAR at www.sedar.com.
- HAI names Flight Instructor of the Year
- HSC-25 Squadron Conducts Change of Command Ceremony
- Leonardo and Falcon Aviation Services start building Dubai AW609 terminal
- Air Methods targets new Wisconsin base at Hartford
- PLDT’s aviation unit announces rebranding
- Sikorsky awarded $53M contract for four UH-60Ms
- New USHST Report Lays Down a Path for Automatic Flight Control Systems in Light Helicopters
- Bell V-280 Valor short-listed for Collier Trophy
- FRASCA Expands Capacity for Level D FFS Contract
- NY National Guard Honors Fallen Aircrew
- HAI names winner of 2021 Salute to Excellence award for Communications
- Police Aviation News – March 2021 Edition
- Bell awarded $16M contract for engineering AH-Z and UH-1
- EHang Supports Chinese National Transportation Network Plan
- Le Havre marine pilots lose AS365N3 cruise altitude to just 60 feet
- Israel selects CH-53K from Sikorsky over CH-F47 from Boeing
- UK man jailed for shining torch into police helicopter cockpit
- Dropsafe launches Helideck Perimeter Safety Net
- EHang explores coastal Urban Air Mobility with first over-water EH216 flights
- Archer commits Urban Air Mobility Network In Los Angeles by 2024