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ARTICLE · 13 MAY 2009

OSC Allows Shareholder Rights Plan To Stay In Place To Defeat Partial Bid

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On May 11, 2009, the OSC released a decision dismissing an application by Pala Investments Holdings Limited and its subsidiary to cease trade two shareholder rights plans of Neo Material Technologies Inc.

CanadaFinance and Banking
David Surat
David Surat
Paul Mingay
Paul Mingay
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On May 11, 2009, the OSC released a decision dismissing an application by Pala Investments Holdings Limited and its subsidiary to cease trade two shareholder rights plans of Neo Material Technologies Inc.

The Transaction

Pala, which currently controls approximately 20% of the outstanding common shares of Neo, made a formal take-over bid to acquire up to an additional 9.9% of the outstanding common shares.

The board of directors of Neo recommended that shareholders reject the Pala offer. Neo, which already had an existing shareholder rights plan, put in place a new shareholder rights plan that categorically precludes any take-over bid for less than all of the outstanding shares of Neo (the Second Shareholder Rights Plan). The Second Shareholder Rights Plan was approved by Neo shareholders while the Pala offer was outstanding.

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