VANCOUVER, Aug. 23, 2017 /CNW/ - Pacific Insight Electronics Corp. (TSX:PIH) ("Pacific Insight" or the "Company") has today obtained an order from the Supreme Court of British Columbia approving the date of the special meeting of Pacific Insight's shareholders and the holders of options and warrants (collectively, the "securityholders") to approve the proposed acquisition of Pacific Insight by Methode Electronics, Inc.
The meeting will be held at 10:00 a.m. Pacific Time on September 26, 2017 at the Metropolitan Hotel Vancouver, 645 Howe Street, Vancouver, British Columbia V6C 2Y9.
The record date to determine those securityholders entitled to attend and vote at the meeting is August 24, 2017 and the materials for the meeting, including Pacific Insight's management information circular and the form of proxies, voting instruction forms and letters of transmittal to be completed by securityholders, will be mailed to securityholders and made available on www.SEDAR.com on August 28, 2017.
Pacific Insight's board of directors have unanimously recommended that shareholders vote "For" the approval of the transaction with Methode Electronics, Inc.
If the transaction is approved, shareholders will receive $18.50 cash for each of their shares, which represents a premium of 76% based on the closing price of the shares on the Toronto Stock Exchange ("TSX") on July 31, 2017 and a 79% premium based on the 20‐day TSX volume weighted average price of the Shares on the TSX ending on July 31, 2017, the day prior to the announcement of the transaction. If approved at the meeting, the transaction is expected to close on or about October 3, 2017.
Shareholders are urged to read the management information circular carefully and ensure that their proxy is validly completed in accordance with the instructions set out in the information circular.
Shareholders should contract Laurel Hill Advisory Group at 1-877-452-7184 or email at [email protected] if they have any questions or need assistance with completing their proxy or voting instruction form.
About Pacific Insight
Pacific Insight (TSX:PIH) is a global solutions provider offering design, development, manufacturing and delivery of electronic products and full service solutions to the automotive, commercial vehicle and specialty markets. Pacific Insight provides OEMs as well as Tier 1 and Tier 2 customers with a range of cost competitive products including LED lighting systems, electronic control modules and wire harnesses. For further information about Pacific Insight's business, please visit the company's website at http://www.pacificinsight.com
Caution Concerning Forward-Looking Statements
Certain disclosures in this release, including statements relating to management's assessment of the benefits to shareholders of the proposed transaction with Methode, the timing of various aspects of the transaction and the completion of the transaction constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Pacific Insight's operations may cause future results to differ materially from those expressed or implied in such forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
Forward-looking statements are based on the assumptions, opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. In particular, such risks include the satisfaction of the conditions precedent to the completion of the proposed transaction with Methode Electronics, Inc., including obtaining securityholder approval, the details of which will be set out in the management information circular, and other risks and uncertainties disclosed under the heading "Risk Factors" in the Company's most recent Annual MD&A which is available for download at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Pacific Insight expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Pacific Insight Electronics Corp.