Pivot Technology Solutions, Inc. Graduates to TSX, Consolidates Shares
TORONTO, Dec. 19, 2016 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), a full-service information technology provider, today announced that it has successfully met the conditions set by the Toronto Stock Exchange (TSX) to graduate to the TSX. Accordingly, Pivot's common shares begin trading on the TSX under the symbol PTG today (Monday, December 19, 2016) and were delisted from the TSX-V (effective Friday, December 16, 2016).
"The TSX is Canada's premier stock exchange enabling commerce between national and international investors and publicly traded companies," said Kevin Shank, President and Chief Executive Officer. "We're very proud to be joining this exchange at a time when Pivot is embarking on a new and exciting phase of value creation that we wish to share broadly with more investors."
Concurrently with the TSX graduation, the Company has consolidated its common shares on the basis of four (4) pre-consolidation common shares for one (1) post-consolidation common share (the Share Consolidation) as approved by Pivot shareholders at the Company's Annual General and Special Meeting on June 21, 2016. As a result, Pivot now has 41,562,283 common shares issued and outstanding.
In the event that the Share Consolidation would otherwise result in the issuance to any shareholder of a fractional post-consolidation share, no fractional post-consolidation share shall be issued and the number of post-consolidation shares issuable to such shareholder shall be (i) rounded down to the nearest whole number if the fraction is less than one-half (0.5) of a post-consolidation share, or (ii) rounded up to the nearest whole number if the fraction is one-half (0.5) or greater.
Pivot shareholders who currently hold physical shares, the Company's transfer agent, Computershare Investor Services Inc. (Computershare), will send a letter of transmittal providing instructions to surrender the certificates evidencing their pre-consolidation shares and receive a DRS Advice from Computershare, confirming the registration in the Direct Registration System (DRS) of the number of post-consolidation shares to which they are entitled as a result of the Share Consolidation. In the meantime, shareholders are advised not to destroy the old certificates as these certificates will be deemed to represent the number of post-consolidation shares to which the holder of that certificate is entitled as a result of the Share Consolidation. For shareholders who currently hold their shares in brokerage accounts, your broker will automatically update shareholder accounts to reflect the appropriate post-consolidation balances.
About Pivot Technology Solutions
Pivot is a leading information technology infrastructure and services provider to approximately 2,000 customers, including many members of the Fortune 500. Founded in 2010, Pivot enjoys relationships with the world's leading IT vendors and generates annual revenues of approximately US$1.5 billion. With over 875 employees and offices throughout North America, Pivot uses its knowledge and local presence to help corporations, governments and educational institutions design, build, implement and maintain advanced computing and communication infrastructure. For more information, visit www.pivotts.com.
SOURCE Pivot Technology Solutions, Inc