VersaPay Corporation, a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that at a special meeting of its shareholders (the “Meeting“) held , its shareholders (“Shareholders“) overwhelmingly approved the proposed acquisition by 1233518 B.C. Ltd., an affiliate of Great Hill Partners, of all of the issued and outstanding common shares of the Company (“VersaPay Shares“) by way of a statutory plan of arrangement under the Canada Business Corporations Act (the “Arrangement“). Pursuant to the Arrangement, each Shareholder will receive cash consideration of C$2.70 for each VersaPay Share held.
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Of the votes cast at the Meeting, a total of 25,221,117 VersaPay Shares were voted in favour of the Arrangement, representing approximately 99.90% of the votes cast on the special resolution approving the Arrangement. In addition, a total of 24,315,917 VersaPay Shares, representing approximately 99.89% of the votes cast on the special resolution approving the Arrangement, excluding votes cast by Shareholders whose votes were required to be excluded pursuant to MI 61-101 – Protection of Minority Shareholders in Special Transactions, were voted in favour of the Arrangement. The Shareholders who participated in the vote represented approximately 57.39% and 55.33%, respectively, of all issued and outstanding VersaPay Shares entitled to vote on the special resolution approving the Arrangement.
VersaPay intends to seek a final order of the Ontario Superior Court of Justice (Commercial List) to approve the proposed Arrangement at a hearing expected to be held on February 20, 2020. If the other conditions to the Arrangement becoming effective are satisfied or waived, it is expected that the Arrangement will be completed on or about February 21, 2020.
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