MONTREAL, Nov. 26, 2018 /CNW Telbec/ - Management of SPORTSCENE GROUP INC. ("Sportscene" or the "Company") (TSXV: SPS.A) announced today that it has filed a management proxy circular (the "Circular") and related proxy materials in advance of its annual and special meeting of the shareholders to be held at La Cage Brasserie sportive restaurant located at 1180 Place Nobel, Suite 101, Boucherville, Québec J4B 5L2, at 10:00 a.m. (eastern time) on January 17, 2019 (the "Meeting"). An electronic copy of the Circular is available on the Company's profile on SEDAR at www.sedar.com.
At the Meeting, in addition to the election of the directors and the appointment of the auditor of the Company, shareholders will be asked to consider and, if deemed appropriate, adopt a special resolution authorizing the amendment to the articles of the Company to subdivide the number of Class A Shares of the Company, whether issued or unissued, on a two-for-one basis (the "Share Split"), the full text of which is set out in Schedule "A" of the Circular. In order to be effective, the Share Split special resolution must be approved by at least two third of the votes by the holders of the Class A Shares of the Corporation, either present in person or represented by proxy at the Meeting. The Share Split is subject to the approval of the TSX Venture Exchange. The Company's name will not be changed in conjunction with the Share Split.
If the Share Split is approved at the Meeting, the Company expects to file article of amendment in respect of the Share Split within 30 days of the Meeting. A detail press release will be disseminated by the Company confirming all the relevant information on the Share Split, including the record date and effective date for the Share Split.
The Share Split will double the number of issued and outstanding Class A Shares of the Company bringing therefore their total number from 4,265,893 to 8,531,786 and is expected to initially reduce the market price per Class A Share on a basis proportionate to the subdivision ratio, which should encourage greater market liquidity and wider distribution of the Class A Shares of the Company among a broader investor base by bringing the trading price into a more accessible range for investors, especially retail investors.
Sportscene Group is a pioneer and a leader in the ambience restaurant niche in Québec, where it has operated a chain of resto-bars since 1984: La Cage – Brasserie sportive ("La Cage"). In addition to its sports-themed ambience, La Cage stands out for its fresh food offering, based on local procurement. Enjoying a strong brand image, La Cage comprises 43 units located across Québec at the date hereof. The Cages offer complete foodservices and bar services in a sophisticated sports-inspired décor featuring the most advanced audio-visual technologies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sportscene Group Inc.
For further information: Jean Bédard, Chairman of the Board, President and Chief Executive Officer; François-Xavier Pilon, Vice-President, Finance, 450-641-3011