Rutter Inc. Announces Proposed Take-over Bid By Insider Group
Jan 07, 14
The Board of Directors of Rutter has formed a committee consisting of Messrs. Gary Bruce and David Slager (the “Committee”), each of whom is an independent director, to evaluate the proposed offer and the alternatives for Rutter. The Committee has retained the Farber Financial Group to prepare a formal valuation of the common shares of Rutter, which is expected to be completed shortly. If the Offerors proceed with the proposed offer, shareholders will have a minimum of 35 days after the Offerors have filed a take-over bid circular to respond to the offer. Therefore, the Committee urges Rutter shareholders not to deposit any shares and not to take any actions with respect to the offer until the Committee has completed its full review and consideration of the offer and provided shareholders with its consideration and any recommendation in respect of the offer in a directors’ circular. Shareholders will be promptly notified of any recommendation by the Committee through a news release and circular in accordance with applicable securities laws.
As of the date hereof, the Offerors and their associates collectively beneficially own, control or direct, directly or indirectly, 38.9% of the issued and outstanding common shares of Rutter.
About Rutter Inc. – Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter’s global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca.
About OceanWaveS GmbH – OceanWaveS, a wholly owned subsidiary of Rutter Inc., is an enterprise focused on technology development for the real time measurement of directional ocean wave spectra. For more information see www.oceanwaves.org.
For further information:
Karen Snook, Chief Financial Officer and Corporate Secretary, Rutter Inc. +1 709 576 6666