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The Special Meeting of Holders of Common Shares held this week in Toronto saw 99.25 percent of shareholders approve the proposal, which will see the company head office moved to Dublin, Ireland by June this year.
Implementation of the arrangement remains subject to final court approval from the Ontario Superior Court of Justice, at a hearing scheduled for May 29, 2007. If approved, it is anticipated that the arrangement will become effective June 1, 2007.
CryptoLogic Exchange Corporation ( CEC ) and CryptoLogic Limited have each received conditional listing approval from the Toronto Stock Exchange. The CEC Exchangeable Shares and CryptoLogic Limited ordinary shares are expected to commence trading on TSX at the opening on June 1, 2007.
The CryptoLogic Limited ordinary shares are expected to commence trading on NASDAQ June 1, 2007. The Common Shares of CryptoLogic Inc. will be delisted from TSX and NASDAQ immediately prior to the listing of the CEC Exchangeable Shares and CryptoLogic Limited ordinary shares.
CryptoLogic's plan to establish a new corporate headquarters in Europe
is about investing for our future, and charting a course for growth in both
Europe and Asia, said Javaid Aziz, CryptoLogic's President and CEO.
By approving our new corporate headquarters, shareholders are clearly on board with our plan to grow CryptoLogic
through geographic expansion and diversification in the industry's most
attractive markets. I thank them for their confidence in our vision, our
strategy and our team.
The previously announced location in Ireland (see earlier InfoPowa bulletins) will bring CryptoLogic closer to its business customers and their principal markets, and facilitate a global strategy that features an expansion into Asia. Major European jurisdictions, such as the United Kingdom and Holland, are embracing CryptoLogic's long-held view of the merits of regulating the industry for the protection of players and the repatriation of revenue.
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