Vancouver, British Columbia-based Finavera Renewables Inc.'s board of directors has adopted a tactical shareholder rights plan. The plan, which is effective immediately but is subject to regulatory approval, is being adopted to ensure the fair treatment of all Finavera Renewables shareholders in connection with any possible future take-over bids for the outstanding common shares of the company.
The plan will provide shareholders with adequate time to properly evaluate and assess a take-over bid without facing undue pressure or coercion.
Finavera Renewables has received inquiries regarding an acquisition of, or strategic investment in, the company; however, there have been no formal offers presented.
The tactical shareholder rights plan expires in six months. During this time period, the company will assess various options for short-term funding requirements and implement a search for a strategic investor.
‘The award of four wind projects in the BC Hydro clean power call has resulted in substantial interest in Finavera and presents a diverse range of strategic options,’ says Jason Bak, CEO of Finavera Renewables.
At the company's next annual meeting, the board of directors intends to develop and present a strategic rights plan for shareholder approval that will survive for a period of three years.
SOURCE: Finavera Renewables Inc. Â