CALGARY, March 12, 2018 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) today announced that it will be withdrawing from the matters of business to be considered at the annual and special meeting of shareholders of Mainstreet to be held on March 16, 2018 (the "Meeting"), the ordinary resolution to approve a new stock option plan of the Corporation (the "2018 Plan").
Based on feedback received from certain institutional shareholders, the Mainstreet Board has made a determination to revoke its approval of the 2018 Plan and defer the matter for re-consideration at some time in the future. Accordingly, Mainstreet has determined to remove the ordinary resolution to approve the 2018 Plan, as described in Mainstreet's management information circular dated February 9, 2018, (the "Meeting Materials") from consideration at the Meeting, notwithstanding that, based on the number of proxies which have been deposited with the Corporation to date, Mainstreet believes that it is highly likely that this ordinary resolution would have been passed by a large majority of the votes cast had the matter been submitted for approval at the Meeting.
The withdrawal of this resolution from the matters of business to be considered at the Meeting will not affect the validity of the form of proxy enclosed with the Meeting Materials, nor the validity of any proxy that has been otherwise already properly submitted. Shareholders wishing to complete and submit a proxy in relation to the Meeting do not need to indicate their voting instructions on the resolution regarding the 2018 Plan.
Certain statements contained herein constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to, among other things, the passing of the ordinary resolution to approve the 2018 Plan based on proxies received to date and Mainstreet's intention to amend the 2018 Plan and submit the same to the shareholders for approval at meeting to be called at a later date. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation's Annual Information Form under the heading "Risk Factors" and the failure to realize anticipated benefits of the normal course issuer bid, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements are based on management's beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates or opinions should change, except as required by applicable securities laws or as otherwise described therein.
SOURCE Mainstreet Equity Corporation
For further information: Mainstreet Equity Corp., Bob Dhillon, Founder & CEO, Tel: 403-215-6070