Welcome!

News Feed Item

Carrus Capital Corporation Announces Final Court Order for Plan of Arrangement, Share Distribution Record Date, and Share Consolidation

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/12/14 -- Carrus Capital Corporation (the "Company" or "Carrus") (TSX VENTURE:CHQ) is pleased to announce that on March 26, 2014, the Company obtained a final order from the Supreme Court of British Columbia to the implementation of the plan of arrangement.

The Company is also pleased to announce that it will be implementing the approved spin-off of BioAB Strategies Ltd. ("BioAB"), BioDE Ventures Ltd. ("BioDE"), and BioHEP Technologies Ltd. ("BioHEP") to Carrus shareholders of record on April 11, 2014 (the "Share Distribution Record Date"). No action is required by Carrus shareholders in order to receive shares of BioAB, BioDE, and BioHEP. Shareholders entitled to receive shares of BioAB, BioDE, and BioHEP will receive a DRS advice reflecting their ownership, or their brokerage account will be credited with the shares. A bulletin has been issued today from the TSX Venture Exchange with respect to the distribution. The payable date is the same as the Share Distribution Record Date of April 11, 2014.

Pursuant to the Arrangement, shareholders of Carrus will receive 1 BioAB share, 1 BioDE share and 1 BioHEP share (collectively referred to as the "Distributed Shares") for every 5 Carrus Shares they hold as of the Share Distribution Record Date of April 11, 2014.

The redemption price of the Carrus Class A Preferred Shares per share is equal to $5,000/2,845,381 shares and the paid up capital of these Carrus Class A Preferred Shares per share is equal to $5,000/2,845,381 shares. Therefore, every 5 shares of the Carrus Preferred Shares redeemed will result in a distribution of 1 BioAB Share, 1 BioDE Share and 1 BioHEP Share to each shareholder. Thus, the adjusted cost base for the Distributed Shares for each of the subsidiaries will be equal to the total fair value of assets transferred, divided by the total number of Distributed Shares (ie: $5,000/2,845,381 shares). As a result, shareholders receiving the BioAB Shares, BioDE Shares and BioHEP Shares should not experience any capital gain on redemption of the Carrus Class A Preferred Shares. However, shareholders should seek their own professional advice in order to determine the amount of capital gain, if any, they may experience on redemption of the Carrus Class A Preferred Shares.

Spin-off of three wholly owned subsidiaries:


----------------------------------------------------------------------------
Carrus Capital     Transfer from    Transfer from        Total fair value of
Corporation        Carrus: Cash     Carrus:              transferred assets 
(14,226,904 shares                  Pharmaceutical       per subsidiary     
as of record date)                  portfolio                             
Subsidiaries (1                                                             
share for every 5                                                           
Carrus shares held)                                                         
----------------------------------------------------------------------------
BioAB              $5,000.00        MX-2401 antibiotic   $5,000.00          
(2,845,381                          assets and                            
Distributed Shares)                 contracts ($Nil                       
                                    value)                                
----------------------------------------------------------------------------
BioDE              $5,000.00        Omiganan-based       $5,000.00          
(2,845,381                          technologies with                     
Distributed Shares)                 anti-infective                        
                                    properties, related                   
                                    contracts, and                        
                                    CLS001 ($Nil value)                   
----------------------------------------------------------------------------
BioHEP             $5,000.00        SB-9000, Springbank  $6,000.00          
(2,845,381                          shares, hepatitis                     
Distributed Shares)                 assets and                            
                                    contracts ($1,000                     
                                    value)                                
----------------------------------------------------------------------------
Aggregate Fair Market Value (Total)                                         
(Aggregate Paid-up Capital - 14,226,904 Carrus Preferred $16,000.00         
Shares)                                                                     
----------------------------------------------------------------------------

In addition, the Company intends to consolidate its share capital concurrently with the spin-off, and expects to receive director approval to consolidate its share capital on the basis of one (1) new common share for every seven (7) currently issued and outstanding common shares. Registered shareholders of the Company will receive the letter of transmittal containing instructions on how to obtain new share certificates of Carrus by mail. The letter of transmittal will be posted on SEDAR under the Company's profile at www.sedar.com. The share consolidation is subject to final acceptance from the TSX Venture Exchange.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts:
Carrus Capital Corporation
Bruce Schmidt
Chief Executive Officer, Corporate Secretary & Director
604-760-0160

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...