On July 29, 2019, SAIS announced that it had entered into a sale and purchase agreement (the “Purchase Agreement”) with strategic buyers comprised of certain insiders of SAIS (the “Buyers”), pursuant to which the Company sold its traditional wine and spirits distribution business to the Buyers (the “Transaction”). In connection with the Transaction, the board of directors of SAIS (the “Board”) established a special committee (the “Special Committee”) comprised of the independent members of the Board to evaluate the fairness of the Transaction to the Company’s various stakeholders. Maxis provided independent legal advice to the Special Committee. Upon considering all of the relevant factors, including a fairness opinion provided by MNP LLP, the Special Committee recommended that the Board approve the Transaction.
On August 30, 2019, the shareholders of SAIS approved the Transaction at an annual general and special meeting of the shareholders of SAIS. On September 13, 2019, SAIS announced the closing of the Transaction.
SAIS is a Singapore based company and a leader in customer experience management technology, business intelligence and service solutions. Across its business units, SAIS connects businesses with their customers through end-to-end intelligent solutions.
Further details regarding the Transaction and SAIS can be found on SAIS’ website. SAIS trades under the symbol “SAIS” on the TSX Venture Exchange.