QUEBEC, June 18 /PRNewswire-FirstCall/ - Following the announcement on April 30, 2009, of the execution of a partnership agreement between Victhom Human Bionics Inc. ("Victhom", TSX: VHB) and Otto Bock HealthCare GmbH ("Otto Bock"), Victhom announced today the completion of the transaction contemplated by the partnership agreement and the approval by its shareholders and debenture holders of the concurrent restructuring of its outstanding convertible debentures by way of plan of arrangement.
On June 16, 2009, the arrangement resolution was approved by 98% of Victhom's shareholders present or represented by proxy at the annual and special meeting of shareholders, and by 97% of the debenture holders at the debenture holders' meeting held earlier that day.
On June 17, 2009, the Quebec Superior Court issued its final order approving the implementation of the plan of arrangement providing inter alia for the consolidation of Victhom's common shares on a 10 for 1 basis and the conversion the 7% convertible debentures maturing in March 2010 in the capital amount of CAN$ 18,354,000 into a newly created class of preferred shares.
The 10:1 consolidation will take effect as of today but the common shares of the Corporation will transact on a post-consolidation basis on the Toronto Stock Exchange on June 23, 2009. It is expected that share certificates representing the preferred shares and the newly consolidated common shares will be made available to debenture holders and shareholders shortly.
As part of the arrangement and pursuant to the partnership agreement, Victhom has transferred all of the assets and liabilities of its Neurobionix division to the newly created general partnership, "Neurostream Technologies General Partnership" ("Neurostream Technologies"), concurrent with an initial equity investment of CAN$ 12.5 million in Neurostream Technologies by Otto Bock. At closing, Neurostream Technologies is owned 55.6% by Otto Bock and 44
|SOURCE VICTHOM HUMAN BIONICS INC.|
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