VVDL: On August 6, 2009, Vivid Learning Systems, Inc. (the “Company”) filed a transaction statement on Schedule 13E-3 announcing a reverse/forward split including an offer to purchase (the “Offer”) for cash all shares of Common Stock held by shareholders of the Company owning (beneficially or of record) fewer than 1,000 shares when the transaction becomes effective.
The Company will pay $0.60 for each share properly tendered by an eligible shareholder. This price is approximately twenty percent (20%) higher than the highest average trading price of Common Stock during the past 12 months.
Under Washington law, shareholder vote, consent, or approval is not required for this transaction.
After completion of the Offer, the Company will have fewer than 300 shareholders of record and will terminate its registration of its Common Stock under the Securities Exchange Act of 1934, as amended. As a result, once the transaction is effective the Company will no longer file periodic reports with the Securities and Exchange Commission (the “Commission”), including annual reports on Form 10-K and quarterly reports on Form 10-Q, and will not be subject to the Commission’s proxy rules.
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