WHITEHORSE, CANADA / ACCESSWIRE / November 24, 2017 / Turbo Power Systems Inc. ("TPS" or the "Corporation") is pleased to announce that it has completed the previously announced amalgamation (the "Amalgamation") with 536348 Yukon Inc. (the "Purchaser"), a wholly-owned subsidiary of Tao Sustainable Power Solutions (UK) Ltd. ("Tao"), under the provisions of the Business Corporations Act (Yukon) to form an amalgamated company under the name "Turbo Power Systems Inc." ("Amalco").
The Amalgamation was approved by the shareholders of TPS at a special meeting of shareholders of the Corporation held on November 22, 2017 and is further described in the Management Information Circular of the Corporation dated October 10, 2017, which is available under the Corporation's SEDAR profile at www.sedar.com.
Under the Amalgamation, common shares of the Corporation held by minority shareholders (other than Tao and its affiliates) were exchanged for redeemable preferred shares of Amalco and immediately redeemed for a redemption price of £0.0002 per share; common shares of the Corporation held by Tao and its affiliates were exchanged for common shares of Amalco; and common shares of the Purchaser were exchanged for common shares of Amalco. As a result, upon completion of the Amalgamation and redemption, all of the common shares of Amalco are held by Tao and TWC3N Limited ("TWC3N").
It is expected that Amalco will be dissolved on or about November 29, 2017.
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http://www.rns-pdf.londonstockexchange.com/rns/4772X_1-2017-11-24.pdf
SOURCE: Turbo Power Systems Inc.