Toronto-based Schneider Power Inc., a developer of wind and solar projects, has announced that its shareholders have approved the previously announced arrangement under Ontario's Business Corporations Act. Under this agreement, Quantum Fuel Systems Technologies Worldwide Inc. will acquire all of the issued and outstanding common shares of Schneider Power.
As a result of the transaction, shareholders of Schneider Power will receive 0.236 of a common share of Quantum for each common share of Schneider Power. The arrangement was approved by 99.6% of the votes cast by Schneider Power shareholders present in person or represented by proxy at a special meeting.
The transaction remains subject to, among other things, the final approval of Ontario's Superior Court of Justice.
SOURCE: Schneider Power Inc.
