Fire and Flower Holdings (TSXV: FAF) announced this morning that it will be up listing to the Toronto Stock Exchange effective August 7, 2019. The listing is a result of its previously announced deal with Alimentation Couche-Tard being approved by over 50% of shareholders.
While announced just last week, the deal was approved by a number of shareholders who had provided written consent for the deal to proceed. While such an arrangement typically takes several months to receive approval from shareholders, Fire and Flower has managed to obtain permission in record time.
The Company is relying on an exemption in the Toronto Stock Exchange Company Manual which permits the Company to obtain shareholder approval for the Transaction by way of a written consent instrument executed by the holders of more than 50% of the issued and outstanding Shares.
The approval also signifies that Alimentation Couche-Tard will now be able to acquire up to 50.1% of the cannabis retailer in a $380 million deal which is to take place through a number of transactions. Majority ownership, should it occur, will not transpire for several years based on the terms set forth in the arrangement.
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Fire and Flower is closed Friday’s session at $1.34.
Information for this briefing was found via Alimentation Couche-Tard and Fire and Flower Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
