RDM Corporation shareholders approve plan of arrangement with Deluxe Corporation
WATERLOO, ON, March 27, 2017 – RDM Corporation (TSX:RC) (“RDM”) announced that at an annual and special meeting of shareholders held earlier today (the “Meeting”), RDM shareholders voted in favour of the proposed transaction pursuant to which a subsidiary of Deluxe Corporation (“Deluxe”) agreed to acquire all of the issued and outstanding common shares of RDM for cash consideration of $5.45 per share by way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the “Arrangement”). The Arrangement was approved by approximately 99.97% of the votes cast by RDM shareholders at the Meeting.
Completion of the Arrangement remains conditional on approval by the Ontario Superior Court of Justice (Commercial List) and certain other closing conditions customary for transactions of this nature. Subject to obtaining such court approval and the satisfaction or waiver of all other closing conditions, it is anticipated that the Arrangement will be completed on or about April 4, 2017.
Election of Directors
RDM also announces that the director nominees, as listed in the Management Proxy Circular dated February 24, 2017, were elected as directors of the Company at the Meeting. The proxy votes submitted for each director were as follows:
|Nominee||Votes For||% For||Votes Withheld||% Withheld|
|Henry N. Dreifus||13,084,621||99.82||11,501||0.18|
|Joseph Lee Matheson||13,083,001||99.81||13,121||0.19|
|David J. Roberts||13,084,621||99.82||11,501||0.18|
The results of the other matter considered at the Meeting are reported in the Report of Voting Results, which will be filed on SEDAR (www.sedar.com).
About RDM Corporation
RDM Corporation provides large financial institutions with Remote Deposit Capture (RDC) solutions designed to help their clients simplify the way they do business. RDM processes over $600 billion in payments annually and helps financial institutions increase revenue, expand market share and improve customer service for over 80,000 end users.
Four of the top ten financial institutions in the United States use RDM’s payment processing solutions. RDM serves 31 percent of the top 100 Fortune 500 companies including brokerage firms, big-box retailers, healthcare and insurance providers, and government entities. Working with clients for over 25 years, RDM provides both software and hardware solutions including web-based and mobile RDC, and manufactures a wide range of digital imaging scanners. For more information, visit www.rdmcorp.com.
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