QUEBEC CITY, Nov. 4, 2014 /CNW Telbec/ - Wanted Technologies Corporation (TSX-V: WAN) ("Wanted" or the "Company") is pleased to announce that its board of directors (the "Board") has adopted a shareholder rights plan (the "Plan") to encourage a fair treatment of shareholders, should a take-over bid be made for Wanted. The Plan will provide the Board and the shareholders, more time to consider an unsolicited take-over bid for Wanted. The Plan is intended to discourage coercive or unfair take-over bids and gives the Board time to pursue alternatives to maximize shareholder's value, if appropriate, in the event of an unsolicited take-over bid.
The Plan has not been adopted in response to, or in contemplation of, any specific proposal to acquire control of Wanted. The Plan must be ratified by the shareholders within six months of the effective date of the Plan. Unless otherwise terminated in accordance with its terms, the Plan will terminate at the close of the third annual meeting of Wanted shareholders following the meeting at which the Plan is ratified by shareholders, unless the Plan is reconfirmed and extended at such meeting.
The rights issued under the Plan will become exercisable only when a person, including any party related to it, acquires or announces its intention to acquire 20% or more of the outstanding shares of Wanted without complying with the "Permitted Bid" provisions of the Plan or without approval of the Board. Should such acquisition occur, each right will, upon exercise, entitle a right holder other than the acquiring person or related persons to purchase shares of Wanted at a discount to the market price at the time.
Under the Plan, a "Permitted Bid" is a bid made to all shareholders of Wanted and is open for acceptance for not less than 60 days. If, at the end of such 60 day period, at least 50% of the outstanding shares, other than those owned by the offeror or certain related parties, have been tendered, the offeror may take up and pay for the shares but must extend the bid for a further 10 days to allow other shareholders to tender.
The Plan is similar to other shareholder rights plan recently adopted by several other Canadian companies and approved by their respective shareholders. A complete copy of the Plan, which remains subject to regulatory approval, will be available under Wanted's profile on SEDAR at www.sedar.com.
The Company also announces that Bruce Murray has resigned as a director following his departure as President & Chief Executive Officer announced on October 27, 2014.
About WANTED Analytics™
WANTED Analytics™ helps recruiting organizations make better decisions faster with real-time business intelligence on jobs, employers, and talent. Analytics brings together, for the first time, years of hiring demand and talent supply data to create a true talent intelligence platform for hard-to-fill positions.
Clients in the staffing, HR, RPO, media, and government sectors use WANTED Analytics™ to find sales leads, analyze employment trends, gather competitive intelligence, forecast economic conditions, and source hard-to-fill positions.
About WANTED Technologies Corporation
WANTED Technologies (TSX-V:WAN) provides real-time data analytics for the talent marketplace. Founded in 1999, the company's headquarters are in Quebec City, Canada, and it maintains a US-based subsidiary with primary offices in New York City. WANTED began collecting detailed Hiring Demand data in June 2005, and currently maintains a database of more than one billion unique job listings. For more information or to sample WANTED's services, visit www.wantedanalytics.com.
WANTED is also the exclusive data provider for The Conference Board Help Wanted OnLine Data Series®, the monthly economic indicator of Hiring Demand in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: WANTED Technologies Corp.
For further information: Meredith Amdur, President and CEO, Tel: (917) 653-0904; Martin Auclair, VP Finance and CFO, Tel: (418) 523-6663, ext. 337