Under the arrangement, Day4 will transfer all of its business, assets and operations in exchange for cash consideration of $500,000 and the senior managers will assume all of the liabilities of Day4. Following its completion, Day4 will have no assets or liabilities other than $500,000 cash.
Day4 is exempt from the valuation requirements of applicable securities legislation as "Day4 is considered to be in financial hardship and the transaction is designed to improve Day4’s financial position," according to a statement from the company.
The completion of the arrangement is subject to 66 2/3% approval by Day4 shareholders, and approval from the Supreme Court of British Columbia and other regulatory bodies. Day4 shareholder approval will be sought at the annual and special meeting currently scheduled for June 27, 2012.
Day4 is currently listed on the TSX under the symbol "DFE".
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Day4 Energy to delist from Toronto Stock Exchange
May 30, 2012 - Day4 Energy, a solar module manufacturer based in Burnaby, B.C., has announced it will delist its stock from the Toronto Stock Exchange and sell itself to senior managers in exchange for the assumption of debt. This announcement comes less than one month after Siliken Canada announced the closure of its manufacturing plant in Windsor, Ont., citing a lack of new contracts and a small market for product as the main reasons.
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