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OneMove(TM) Announces Take Over Bid
By: Marketwired .
Dec. 18, 2012 01:24 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/18/12 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announced today that Plantro Ltd. and Seastone Investments Limited issued a news release late yesterday announcing that they have launched an unsupported take over bid to acquire all of the issued and outstanding common shares of the Company which are not owned by them at a price of $0.425 per share payable in cash. Plantro and Seastone Investments are controlled by brothers Matthew Proud, formerly a director and Chair of the Board of OneMove, and Tyler Proud respectively. A copy of the news release can be viewed at www.SEDAR.com.
The Company was unable to support the bid for a number of reasons, including the following:
-- the lack of time afforded the Company to respond. A firm proposal was not received by the Company until just before 4:00 pm (EST) and a response was required by 5:00 pm (EST); -- a requirement that the Company deal exclusively with Plantro and cease all communications with other prospective bidders; -- a requirement that the Company provide a break fee tied to the exclusivity such that the fee became payable should the parties even fail to negotiate a support agreement.
In the context of the bid price providing a small premium to the weighted trading average of the Company's shares over the past 30 trading days, the Company did not believe it was in the best interests of the shareholders to agree to support the bid.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE:OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance(TM), its proprietary web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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