Voxcom announces special meeting of shareholders
EDMONTON, Alberta - Voxcom Inc., a full-service provider of security and alarm systems, has called a special meeting of shareholders to consider an amendment resolution that, if approved, would allow the company to redeem all of its issued and outstanding common shares at a price of $1.03 per share. The meeting will take place on May 7, 2004.
VoxcomÃ¢â‚¬â„¢s board of directorÃ¢â‚¬â„¢s has already approved the resolution and has recommended that shareholders vote in favor of the amendment. The recommended redemption price of $1.03 per common share is within the fair value range as outlined in the independent valuation. Securex, which holds approximately 20 percent of the corporationÃ¢â‚¬â„¢s issued and outstanding shares, has also agreed to support the measure.
If the amendment is approved, Voxcom will continue to operate as a private entity. The corporation is proceeding with the transaction to allow its shareholders the ability to dispose of their common shares without the constraints imposed by the limited liquidity of the shares. The average trading price over the past 90 days was $0.41. The redemption price represents a 72 percent premium to the closing price of $0.60 on April 5, 2004.