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French Aerospace Firm, Latécoère, Acquires Canada’s Avcorp

French Aerospace firm, Latécoère, has finalized the acquisition of Avcorp Industries, an arrangement which was previously announced under the Canada Business Corporation Act. The purchase has a price tag of approximately $41 million CAD.  

Under the Arrangement, Latécoère acquired all of the issued and outstanding common shares of Avcorp (each, an “Avcorp Share”) for consideration of $0.11 in cash per Avcorp Share and each outstanding option to acquire Avcorp Shares (the “Avcorp Options”) automatically vested and was cancelled in exchange for a cash payment from the Company equal to the amount (if any) by which $0.11 exceeds the exercise price of such Avcorp Option. As previously announced, the Arrangement was overwhelmingly approved by Avcorp shareholders and optionholders at an annual general and special meeting of Avcorp securityholders held on June 30, 2022.

As a result of the Arrangement, the Avcorp Shares are expected to be delisted from the Toronto Stock Exchange and Avcorp intends to submit an application to the applicable securities regulators in Canada to cease to be a reporting issuer.

Registered holders of Avcorp Shares are reminded that they must properly complete, sign and return the letter of transmittal, along with their share certificate(s), to TSX Trust Company, as depositary, in order to receive the consideration they are entitled to under the Arrangement. Non-registered holders of Avcorp Shares should follow the instructions provided by their broker or other intermediary in whose name their Avcorp Shares are registered to receive the consideration they are entitled to under the Arrangement .

The Avcorp Group designs and builds major airframe structures for some of the world’s leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation. The Avcorp Group has more than 65 years of experience, over 500 skilled employees and 560,000 square feet of facilities. Avcorp Structures & Integration located in Delta, BC is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington, ON is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena, CA, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures. The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light-weight, strong, reliable structures.

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