April 23, 2010 - ATAC Resources Ltd. (TSX-V:ATC) (“ATAC”) has approved the adoption of a shareholder rights plan designed to provide its shareholders with full and fair value in the event of a possible takeover bid for its common shares. Adoption of this shareholder rights plan will be submitted for ratification by shareholders at ATAC’s annual general meeting to be held on June 10, 2010, and is subject to regulatory acceptance.
ATAC believes that this shareholder rights plan preserves the fair treatment of shareholders, and is consistent with Canadian corporate practice and institutional investor guidelines. The objective of the shareholder rights plan is to ensure that, in the event of a bid for control through acquisition of ATAC’s common shares, there are provisions in place to:
- provide for the orderly presentation of permitted bids to shareholders;
- provide adequate time for competing bids to emerge;
- ensure shareholders have an equal opportunity to participate in competing bids;
- give shareholders adequate time to properly assess any competing bids; and
- explore and develop alternatives for maximizing shareholder value.
A permitted bid must be made through a takeover bid circular prepared in compliance with applicable securities laws, remain open for 60 days and satisfy certain other conditions.
As of the date of this News Release, ATAC is not aware of any pending or threatened takeover bid for its common shares.
ATAC also announces that it has granted an incentive stock option to its Chairman, Douglas O. Goss, entitling him to purchase up to 100,000 shares at a price of $1.40 per share for a period of five years.
For additional information concerning ATAC Resources Ltd., please visit ATAC’s website at www.atacresources.com. View News Release in PDF