Callidus Announces Shareholder Approval of Arrangement with Braslyn Ltd.

TORONTO, Oct. 31, 2019 /CNW/ -A Callidus Capital Corporation (TSX: CBL) ("Callidus" or the "Company") today announced the voting results of its special meeting (the "Meeting") of holders of common shares (the "Shareholders") held on October 31, 2019. At the Meeting, Shareholders passed a special resolution (the "Arrangement Resolution") approving a statutory plan of arrangement (the "Arrangement") under section 182 of the Business Corporations Act (Ontario) as contemplated by an arrangement agreement dated August 15, 2019 between Callidus and Braslyn Ltd. (the "Purchaser") involving, among other things, the acquisition by the Purchaser of all of the issued and outstanding common shares in the capital of the Company (the "Shares") other than Shares held by the Purchaser, certain investment funds managed by The Catalyst Capital Group Inc., FigCorp Ltd. (a company controlled by Newton Glassman) and James Riley.The Arrangement Resolution required the approval of: (i) at least two-thirds of the votes cast by Shareholders; and (ii) at least a simple majority of the votes cast by Shareholders, excluding the votes cast by certain persons whose votes were required to be excluded pursuant to Multilateral Instrument 61-101 a?? Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Shareholders approved the Arrangement Resolution with approximately 99.07% of the votes cast at the Meeting in favour of the Arrangement (78.65% excluding the votes of certain persons in accordance with MI 61-101). Callidus will be seeking a final order from the Ontario Superior Court of Justice (Commercial List) with respect to the Arrangement on November 4, 2019 and the Arrangement is expected to be completed on or around November 5, 2019.About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the borrower's assets, its enterprise value and borrowing needs. Further information is available on our website,
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