Microtec gets the OK, announces resignation
ST. AUGUSTIN, Quebec--After struggling to reorganize the company for three years amid debt it acquired during the mass marketing age, Microtec Enterprises' shareholders approved a recapitalization plan in June that effectively makes Microtec a wholly owned subsidiary of First National AlarmCap.
The move converts each share of Microtec, a full-service security provider, into one common share exchangeable for a percentage of an AlarmCap unit.
Votes were cast at a special meeting held June 16 and represented approximately 92 percent of all votes that could have been cast. All of the votes were unanimously in favor of the proposed recapitalization.
Microtec also received court approval for the move. The company has been operating under court protection in Canada--similar to a bankruptcy filing in the United States-- since 2004.
In addition, AlarmCap announced that Microtec's former executive vice president and chief financial officer Michel Gosselin, who was appointed AlarmCap's chief financial officer after the companies merged, will resign from his new position effective July 27, 2005.
Gosselin, who led Microtec through its reorganization process, cited personal reasons for his decision.