MISSISAUGA – Sol Cuisine Ltd. (TSXV: VEG) announced the results of its special meeting of the shareholders of the Company held today. At the Meeting, Sol Shareholders passed a special resolution to approve the proposed acquisition by PlantPlus Foods Canada Inc. of all of the outstanding common shares, all of the outstanding common share purchase warrants and compensation options, and all of the outstanding stock options of Sol Cuisine, pursuant to a plan of arrangement under the Business Corporations Act (Ontario).
The required shareholder approval thresholds were met, with the Arrangement being approved by (i) 100% of the votes cast by Sol Shareholders present in person or represented by proxy at the Meeting; and (ii) 100% of the votes cast by Sol Shareholders present in person or represented by proxy at the Meeting, excluding the votes of Dror Balshine, Michael Fata and John Flanagan.
Completion of the Arrangement is subject to the receipt of a final order of the Ontario Superior Court of Justice , which is expected to be sought on January 12, 2022. In addition, certain closing conditions customary in transactions of this nature are required to be satisfied in order for the Arrangement to occur. Provided that approval of the Court is granted and all other closing conditions are satisfied or waived, the Company expects the Arrangement to be completed later in January 2022, at which time the Company will apply to have its common shares de-listed from the TSX Venture Exchange and to cease to be a reporting issuer.
Sol Cuisine is the publicly traded parent company of Sol Cuisine Inc., following the completion of its “qualifying transaction” on May 19, 2021. Sol Cuisine is a fast-growing producer of branded and private label, consumer-preferred plant-based protein offerings across key center-of-plate and appetizer categories. The Company’s products are offered through an established omni-channel distribution platform in Canada, the U.S. and Mexico, and are available in over 11,000 stores and more than 41,000 unique points of distribution across four primary channels: Canada Retail Sales & Club; U.S. Retail Sales & Club; Food Service & Industrial; and Private Label. Over a history of 20+ years, Sol Cuisine has consistently demonstrated an ability to innovate and delight consumers in Canada and the U.S., while remaining true to its commitment to producing great tasting, nutritionally superior products. This commitment has resulted in several Canadian product wins, including the #1 frozen plant-based burger in Canada, the #1 consumer-preferred chicken alternative and the #1 quality roast product as determined by Whole Foods Market. The Company’s taste and nutritional superiority has also resulted in private label contracts with some of the most recognized natural brands in North America. These products are all produced at Sol Cuisine’s two state of the art facilities, totaling 35,000 square foot facility in Mississauga, Ontario, capable of supporting up to 10 million kilograms of volume per annum.