Shareholders of Abbotsford-based Consolidated Envirowaste Industries Inc. (TSX-V:CWD) have approved a plan of arrangement to take the company private.
Company chair and CEO James Darby and Doug Halward, Consolidated's president, offered $0.14 per share in cash to public shareholders who hold approximately 29% of Consolidated's shares. Darby and Howard and their spouses collectively own and control approximately 71% of the company's shares outstanding.
The company said it's taking the company private to eliminate the "substantial costs and distraction of management time" associated with being a public company. It noted its public shares experienced very limited liquidity.
Consolidated's share price range during the past week: between $0.14 and $0.16; 52-week high: $0.25; 52-week low: $0.04.