MELFORT, SK, March 16, 2015 /CNW/ - Hodgins Auctioneers Inc.
(HA-TSX.V) ("HAI") wishes to announce that at the meeting of
shareholders held on March 13, 2015,
the shareholders of HAI approved the plan to consolidate its common
shares on the basis of 2 old for 1 new. The vote was 11,129,300 (of
the 22,717,500 common shares outstanding) in favour and 0 opposed.
HAI will keep its existing name and trading symbol. It is
expected that consolidation will be completed by the end of the
month. Implementation of the consolidation is subject to certain
conditions. As of the date hereof, not all of the conditions
have been satisfied. There can be no assurance that the conditions
will be satisfied.
The shareholders also approved the Plan of Arrangement pursuant
to section 193 of the Business Corporations Act (Alberta) involving HAI, Majesta Minerals Inc.
("MMI") and the security holders of HAI, as more particular
described in the management information circular of HAI dated
February 6, 2015 ("Information
Circular"). The vote was 11,129,300 in favour and 0 against.
The Plan of Arrangement also received 100% of the votes (4,325,000
shares) after excluding the aggregate of 6,803,500 votes of the
common shares of HAI which were beneficially owned or over which
control or direction is exercised by such persons whose votes may
not be included in determining minority approval pursuant to
Multilateral Instrument 61-101 - "Protection of Minority
Security Holders in Special Transactions" ("MI 61-101"). No
shareholder exercised dissent rights. The warrantholders also
approved the Plan of Arrangement. The Plan of Arrangement
also received 100% of the votes (1,855,000 warrants) after
excluding the aggregate of 636,000 votes of the warrants of HAI
which were beneficially owned or over which control or direction is
exercised by such persons whose votes may not be included in
determining minority approval pursuant to MI 61-101. The
optionholders unanimously approved the Plan of Arrangement. HAI
will seek final approval from the Court of Queen's Bench of
Alberta on Wednesday March 25, 2015. A copy of the
application will be filed on www.sedar.com. If all of the
conditions are satisfied and the court approved the Plan of
Arrangement, HAI expects that the Plan of Arrangement will be
implemented by the end of the month. Approval and implementation of
the Plan of Arrangement is subject to the conditions described in
the Information Circular. As of the date hereof, not all of
the conditions have been satisfied. There can be no assurance
that the conditions will be satisfied.
The shareholders also ratified the Majesta Purchase/Option
Agreement dated August 6, 2014
between MRI Holdings Ltd and MMI, the details of which are
described in the Information Circular. The ratification received
97.42% of the votes (4,215,800 shares) after excluding the
aggregate of 6,803,500 votes of the common shares of HAI which were
beneficially owned or over which control or direction is exercised
by such persons whose votes may not be included in determining
minority approval pursuant to MI 61-101.
About Hodgins Auctioneers Inc.
Headquartered in Melfort, SK
for more than 50 years, Hodgins Auctioneers is a provider of
professional auction services. Hodgins is renowned for its
experienced Auctioneers, award-winning promotions, dependable
results and commitment to providing the ultimate marketplace for
the sale of assets by auction.
Caution regarding Forward Looking Statements. This news
release contains forward certain forward looking statement
including statements with respect to the timing for completion of
the consolidation and Plan of Arrangement. These statements
are subject to a number of risks and uncertainties. Actual
results may differ materially from results contemplated by the
forward looking statements. When relying on forward looking
statements to make such decisions, investors should carefully
consider the foregoing factors and other uncertainties and should
not place reliance on such forward looking statements.
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.
SOURCE Hodgins Auctioneers Inc.