IDC shareholders approve Novra acquisition

International Datacasting Corporation shareholders voted Monday in favour of a deal that will see the Ottawa company merge with Winnipeg’s Novra Technologies.

The acquisition, which was first announced in April, came 10 months after shareholders rejected a proposed sale to San Diego-based Pico Digital.

“This is excellent news for our employees and customers,” IDC interim CEO Steven Archambault said in a statement. “I am very pleased with our shareholders’ strong, unified vote of confidence to proceed with this merger and become shareholders of Novra with over 40 per cent ownership of the combined company on a fully diluted basis.”

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Mr. Archambault said that together, the companies can continue “down the path of innovation and market leadership in multimedia content distribution.”

IDC said the meeting was well-attended, with 53 per cent of the shareholders present or represented by proxy.

The company said it expects the TSX Venture Exchange to approve the deal this week, with the merger closing shortly after. Trading in IDC’s common stock will remain halted during this period, and the company will be delisted shortly after the transaction is complete.

Under terms of the deal, IDC will continue to operate as a standalone company.

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