Cliffside Capital Ltd. announced that it had entered into an arrangement agreement with Cliffside Ltd., CFLP Limited Partnership and LC Asset Management Corporation.
Pursuant to the agreement, Cliffside Ltd. will acquire all of the issued and outstanding common shares in the capital of Cliffside Capital from their holders by way of a statutory plan of arrangement for consideration of $0.10 per common share, other than common shares held by certain shareholders of Cliffside that validly elect to receive common shares in the capital of Cliffside Ltd. in exchange for their common shares.
Upon completion of the arrangement, Cliffside Capital will be a privately-held company. The aggregate purchase price payable by Cliffside Ltd. under the arrangement is expected to be approximately $9.7 million.
Bennett Jones is acting as legal advisor to Cliffside Capital.
The Bennett Jones team was led by Bruce Hibbard (Capital Markets) and included Joseph Blinick, Jay Winters, Niki Gill, Annie Tonken, Rebecca Burnand and Hayden Logan.
For more details on the transaction, Cliffside Capital's news release is available here.