H2O Innovation Inc. has filed articles of amendment to give effect to the share consolidation on the basis of one post-consolidated common share for every five pre-consolidation common shares, as announced in its press release dated Sept. 29, 2014. The share consolidation was approved by special resolution of the company’s shareholders at its Annual and Special Meeting held Nov. 11, 2014. It is expected that the common shares will commence trading on the TSX Venture Exchange on a consolidated basis on or about Dec. 1, 2014.
“As expressed in our previous communications regarding the share consolidation, we believe the share price post-consolidation will better reflect the actual maturity of the company and, combined with our recent listing on the American OTCQX marketplace, should give us access to a larger institutional shareholder basis rather interested in growing companies then penny stocks,” said Frédéric Dugré, president and CEO of H2O Innovation.
Letters of transmittal with respect to the share consolidation have been mailed out to all registered shareholders. All registered shareholders of the company are required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the transfer agent of the company, CST Trust Co., in accordance with the instructions provided in the letter of transmittal. No fractional shares will be issued, and no cash consideration will be paid, if, as a result of the share consolidation, a registered shareholder would become entitled to a fractional common share.
Shareholders who hold their common shares through their broker or other intermediary and do not have actual share certificates will not be required to complete and return a letter of transmittal. Any pre-consolidation common shares owned by such shareholders will automatically be adjusted as a result of the share consolidation and no further action is required to be taken by such shareholders.
Further to the share consolidation, the company will have approximately 20,926,595 issued and outstanding common shares. The company’s common shares will continue to trade on the TSX Venture Exchange under its existing symbol “HEO”, on Euronext/Alternext (France) under “ALHEO” and on the OTCQX marketplace (USA) under “HEOFF”.
Source: H2O Innovation
