Pursuant to the Articles of the Company, each outstanding CRAFT Proportionate Share was converted into one hundred (100) CRAFT Subordinate Shares (the "Deemed Conversion"). The rights and preferences of the CRAFT Subordinate Shares and the CRAFT Proportionate Shares are the same, except that the converted CRAFT Proportionate Shares were entitled to economic and voting rights one hundred (100) times the economic and voting rights of the CRAFT Subordinate Shares, which formed the basis for the conversion ratio of 100 CRAFT Subordinate Shares for every one CRAFT Proportionate Share. The Deemed Conversion is taking place to facilitate the completion of the Arrangement.
Holders of the CRAFT Proportionate Voting Shares would have received a notice sent by the Company's transfer agent, on behalf of the Company, confirming such shareholder's total holdings of CRAFT Proportionate Shares as of the Conversion Record Date and how many CRAFT Subordinate Shares such holder would receive upon the Deemed Conversion taking effect.
Upon the Deemed Conversion taking effect, CRAFT has 56,498,406 CRAFT Subordinate Shares issued and outstanding and nil CRAFT Proportion Shares issued and outstanding.
About CRAFT
CRAFT is a
SOURCE CRAFT 1861
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