The shareholders of Helijet International (JBA, Vancouver International) have approved the plan to take the company private by September 16, 2019, subject to regulatory and financial conditions.
On June 21, the company's shareholders okayed the acquisition of an approximately 12% stake currently held by public shareholders by President and CEO Daniel Sitnam. Currently, the remaining 88% of the common shares of Helijet are held by insiders and their extended family and one other extended family member.
Sitnam will pay CAD0.30 Canadian dollars (USD0.23) per share purchased from public shareholders. As of June 19, Helijet shares are valued CAD0.29 Canadian dollars at the TSX Venture Exchange.
Following the completion of the transaction, Helijet intends to delist from the TSX Venture Exchange.
The transaction remains subject to completion of financing of the purchase price by Sitnam and final court and TSX Venture Exchange approval. The agreement expires on September 16, 2019, while the hearing of the application for final court approval is scheduled for June 26, 2019, before the Supreme Court in Vancouver, British Columbia.
Helijet previously said that it had decided that the costs of being a public company, including all the requirements imposed by the TSX Venture Exchange, are outweighing the benefits of doing so. The company underlined that it was never able to raise any capital from the stock market.
