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Be the first with the news that moves the market- Freshii (FRII) has completed its plan of arrangement
- The plan of arrangement empowered Foodtastic Inc. to acquire all of the issued and outstanding Class A subordinate voting shares and Class B multiple voting shares of Freshii at a price of $2.30 in cash per share
- With the completion of the arrangement, Freshii has become a wholly-owned subsidiary of Foodtastic
- Consequently, the shares of Freshii are expected to be delisted from the Toronto Stock Exchange on or about February 23, 2023
- Freshii Inc. was down 0.435 per cent, trading at C$2.29 at 1:30 PM ET
Freshii (FRII) has completed its plan of arrangement in accordance with the Business Corporations Act (Ontario).
The plan of arrangement empowered Foodtastic Inc. to acquire all of the issued and outstanding Class A subordinate voting shares and Class B multiple voting shares of Freshii at a price of $2.30 in cash per share.
Consideration for the shares of the company has been paid to TSX Trust company as depositary under the arrangement. The consideration will be provided to former shareholders as soon as practicable.
With the completion of the arrangement, Freshii has become a wholly-owned subsidiary of Foodtastic.
Consequently, the shares of Freshii are expected to be delisted from the Toronto Stock Exchange on or about February 23, 2023.
Freshii expects to submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate Freshii’s public reporting requirements.
Freshii Inc. was established in 2005 as a healthy food-focused franchised restaurant concept. It currently operates 343 locations in North America and internationally.
Foodtastic is a leading franchisor of restaurant brands in Canada. Inclusive of the recently-completed acquisitions of Quesada and Freshii, Foodtastic’s North American system exceeds 1,250 restaurants and $950 million in sales.
In addition to Quesada and Freshii, Foodtastic’s brands include Second Cup, Pita Pit, Milestones, Fionn MacCool’s, Shoeless Joe’s, Rôtisseries Benny, La Belle et La bœuf, and Monza.
Freshii Inc. (FRII) was down 0.435 per cent, trading at C$2.29 at 1:30 PM ET.
