This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Virtual Universe Corporation Announces Going-private Transaction

EDMONTON, Feb. 1, 2013 /CNW/ - Virtual Universe Corporation (the " Corporation") (TSX-V:VU) announced today that it has entered into an arrangement agreement with Mr. Lorn Becker, the President and Chief Executive Officer of the Corporation, Man Prince Holdings Ltd. and 1681675 Alberta Ltd., pursuant to which the Corporation will amalgamate with 1681675 Alberta Ltd. and each common share of the Corporation (" Common Share") held by shareholders of the Corporation other than Mr. Lorn Becker and Man Prince Holdings Ltd. will be exchanged for one redeemable share (" Redeemable Share") of the amalgamated corporation and each such Redeemable Share will be immediately redeemed for cash consideration of $0.02.

Under the terms of the transaction, which is structured as a plan of arrangement under the Business Corporations Act ( Alberta), the redemption amount payable to redeem each Redeemable Share represents a premium of 100% over the closing price of the Common Shares on January 31, 2013, and a 100% premium to the 60-day volume-weighted average price of the Common Shares on the TSX Venture Exchange for the period ended January 31, 2013, being the last trading day prior to this announcement.

The transaction has been unanimously approved by the board of directors (the " Board") of the Corporation, with Mr. Lorn Becker abstaining, following the unanimous recommendation of a special committee of independent directors of the Board.  The Board has determined that the transaction is in the best interests of the Corporation and the shareholders of the Corporation and is fair, from a financial point of view, to the shareholders other than Mr. Lorn Becker, Man Prince Holdings Ltd. and GL Holdings Ltd.  The Board also recommends that the shareholders vote in favour of the transaction at the special meeting of shareholders (the " Meeting") that will be called to approve the transaction.

MNP LLP, as the independent valuator, has provided a formal valuation that concludes that the fair market value of the Common Shares is $nil per Common Share.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,092.11 +41.36 0.24%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,821.3580 +10.57 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs