ARHT Media Initiates Shareholder Rights Plan
November 30 2021 - 7:30AM
ARHT Media Inc. ("
ARHT Media" or the
"
Company") [TSXV:ART], the global leader in the
development, production and distribution of high-quality, low
latency hologram and digital content, is pleased to announce that
its board of directors (the “
Board”) approved the
adoption of a shareholder rights plan (the “
Plan”)
dated November 29, 2021. The Plan has been conditionally accepted
by the TSX Venture Exchange.
The purpose of the Plan is to provide both
shareholders and the Board sufficient time to adequately consider a
take-over bid and to ensure the fair treatment of shareholders in
connection with a take-over bid. The Plan is similar to those
adopted by other Canadian public companies. The Board and
management are not currently aware of any party contemplating or
preparing a proposal to acquire control of ARHT Media, but feel
that the possibility for such a situation exists and that it is in
the best interests of ARHT Media and its shareholders to adopt the
Plan.
At the close of business on November 29, 2021
existing shareholders of ARHT Media were granted “Rights” to
acquire additional common shares. The Rights were granted for
no cash or non-cash consideration. These Rights are attached
to each share as long as the Plan remains in effect. Each new
shareholder who acquires the Company’s common shares, either
pursuant to a new issue by the Company or in the secondary market,
will also be entitled to the Rights attached to such common shares
for no additional consideration.
The purpose of these Rights is to allow
shareholders, other than the take-over bidder, to purchase, at a
set exercise price, one common share of ARHT Media for each common
share held. This Right is triggered only if a party acquires
or announces its intention to acquire 20% or more of the
outstanding shares of the Company and this proposed acquisition
does not meet the requirements of a “Permitted Bid” set forth
within the Plan. Under the Plan, only bids that meet certain
specific requirements intended to protect the interests of all
shareholders will qualify as Permitted Bids. Permitted Bids
among other things must be made to all shareholders of ARHT Media,
must remain open for one hundred and five (105) days and must be
made by way of a take-over bid circular prepared in compliance with
applicable securities laws.
The Board’s approval of the Plan is subject to
the TSX Venture Exchange’s final acceptance and the ratification by
the shareholders of ARHT Media at a meeting of shareholders within
six months of the date upon which the Plan was approved. Unless
otherwise terminated in accordance with its terms, the Plan will
terminate at the close of the Company’s next annual meeting of
shareholders, following the date upon which the Plan was adopted,
unless the Plan is reconfirmed and extended at such meeting.
For those shareholders who wish to view the
document in its entirety, the Plan will become available on SEDAR
when it is mailed to shareholders in advance of ARHT Media's next
meeting of shareholders, at which the Plan will be put to
shareholders for approval and ratification.
About ARHT MediaARHT Media's
patented HoloPresence technology is a complete end-to-end solution
that creates a sense of presence for audiences – as though the
holographic presenter was actually live in the room. With no
noticeable latency, ARHT Media makes two-way live communication
with a 3D holographic presenter anywhere in the world possible. We
can also playback pre-recorded content and 3D animations on our
HoloPresence displays to deliver rich holographic experiences. Add
to this our capability to stream the same content online on our
premium Virtual Global StageTM.
Connect with ARHT MediaTwitter:
http://www.twitter.com/ARHTmediaFacebook:
http://www.facebook.com/ARHTmediaincLinkedIn:
http://www.linkedin.com/company/arht-media-inc-
For more information, please visit
www.arhtmedia.com or contact the investor relations group at
info@arhtmedia.com.
ARHT Media trades under the symbol
"ART" on the TSX Venture
Exchange.
ARHTSalman AminARHT
Mediasamin@arhtmedia.com
This press release may contain "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, the intention to exercise convertible securities of the
Company; disclosure related to the Company's sales funnel; the
Company's technology; the potential uses for the Company's
technology; the future planned events using the Company's
technology; the future success of the Company; the ability of the
Company to monetize the ARHT Media technology; the development of
the Company's technology; and interest from parties in ARHT's
products. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic and competitive
uncertainties; regulatory risks; risks inherent in technology
operations; and other risks of the technology industry. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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