Burlington, On-based Afton Food Group has announced that a settlement was reached with the shareholders of Pizza Delight Corp regarding the share purchase agreement of 30 May 2002, pursuant to which Afton and Pizza Delight Corporation had agreed to merge.
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As part of the settlement, Pizza Delight agreed to purchase 1,470,588 Afton common shares or 11.88% of the issued and outstanding common shares, post settlement, at a purchase price of US$0.85 per share for aggregate cash consideration of US$1.25m.
Such shares are also subject to trading restrictions ranging between six and twelve months. In addition the shares are further restricted for a period of twelve months, such that they cannot be voted against or withheld from voting on any matter brought before shareholders of Afton by the Afton board.
The company continues to explore opportunities to maximize shareholder value, including, other acquisitions and recapitalising into an income trust.
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By GlobalData
