SYDNEY, Australia, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Simavita Limited (“Simavita” or the “Company”) announces that it has ceased to be a reporting issuer, effective January 21, 2022 (the “Commencement Date”) pursuant to an order of the British Columbia Securities Commission dated January 21, 2022 (the “BCSC Order”).
Smartz Operations Limited (“Smartz Operations”), a wholly-owned Australian subsidiary of Smartz A.G., a company incorporated in Switzerland (“Smartz”), made an offer (the “Offer”) to the Simavita shareholders to acquire 100% of the outstanding Simavita common shares (the “Simavita Shares”) in exchange for the issue by Smartz of Smartz common shares (the “Smartz Shares”), at a ratio of one Smartz Share for 200 Simavita Shares. Pursuant to the Offer, Simavita Shareholders had the option of receiving AUD$0.0271 in cash for each Simavita Share held, up to an aggregate of 36,900 Simavita Shares, with any Simavita Shares held in excess of 36,900 being exchanged for fully paid Smartz Shares at the same 200:1 exchange ratio.
The Offer was made pursuant to the terms of a prospectus lodged with the Australian Securities and Investment Commission on September 10, 2021. Because the Offer was not made to persons in Canada, the Offer did not constitute a “take-over bid” under applicable securities laws in Canada.
At the expiry of the Offer on October 12, 2021, 99.68% of the Simavita Shares were acquired by Smartz. Subsequently, Smartz triggered a compulsory acquisition (the “Compulsory Acquisition”) for the remaining Simavita Shares, pursuant to section 300 of the Business Corporations Act (British Columbia), and acquired the remaining 0.32% of the outstanding Simavita Shares on December 14, 2021.
As a result of the Offer, and following the Compulsory Acquisition, Smartz acquired 100% of the outstanding Simavita Shares. Simavita is now a wholly-owned subsidiary of the Buyer.
Following the Compulsory Acquisition, the BCSC Order was sought from the British Columbia Securities Commission for the Company to cease to be a reporting issuer. On January 21, 2022, the British Columbia Securities Commission granted the BCSC Order and Simavita has now ceased to be a reporting issuer.
For further information, please contact the persons listed below.
Ms Peta Jurd Chief Commercial Officer
T: +61 421 466 653