Key Developments For Limco-Piedmont Inc.
Limco-Piedmont Inc. Delists From NASDAQ-Stock Exchange
The Stock Exchange reported that Limco-Piedmont Inc. has been delisted from NASDAQ.
TAT Technologies Ltd. Completes Merger With Limco-Piedmont Inc.
TAT Technologies Ltd. and Limco-Piedmont Inc. announced the completion of their merger pursuant to which TAT (which owned 61.8% of Limco's common stock) acquired all of the shares of Limco's common stock held by the public. Pursuant to the merger agreement, each share of Limco common stock held by the public was converted into one half of an ordinary share of TAT. 9,326,585 shares of Limco common stock were voted in favour of the merger (of which 8,964, 256 shares were owned by TAT), 838,450 shares were voted against the merger and 1,112,633 shares abstained. Upon the closing of the merger, Limco became a wholly owned subsidiary of TAT. Limco common stock will no longer be traded on NASDAQ. In connection with the merger, TAT is issuing an aggregate of 2,520,372 ordinary shares to the former Limco shareholders representing 27.8% of the TAT ordinary shares now outstanding.
Limco-Piedmont Inc. and TAT Technologies Ltd. Announces Merger
Limco-Piedmont Inc. and TAT Technologies Ltd. announced that they have entered into a definitive agreement and plan of merger pursuant to which TAT (which presently owns 61.8% of Limco's common stock) will acquire all of the publicly held shares of common stock of Limco pursuant to a stock for stock merger. Under the terms of the merger agreement, Limco's stockholders will receive one half of an ordinary share of TAT for each share of Limco common stock they own. The exchange ratio in the transaction represents a premium of 12% to Limco's closing share price on April 2, 2009 (the day before the announcement of the merger). Limco anticipates that following the merger, the former Limco stockholders (excluding TAT) will own approximately 27.8% of the ordinary shares of TAT. The transaction is subject to approval of Limco's stockholders and other customary closing conditions. TAT, which holds 61.8% of Limco's outstanding common stock, has advised Limco's board that it intends to vote for approval and adoption of the merger. Accordingly, such approval and adoption is assured. Approval of the merger by TAT's shareholders is not required. It is anticipated that the closing of the merger will occur in the second or third quarter of 2009. Upon consummation of the merger, Limco will operate as a wholly-owned subsidiary of TAT, maintaining its current management.
Limco-Piedmont Inc. Comments On FY 2009 Revenue Outlook
Limco-Piedmont Inc. announced that, despite challenging economic conditions, it expects revenue growth in fiscal 2009. According to Reuters Estimates, analysts are expecting the Company to report revenue of $78 million for fiscal 2009.
Limco-Piedmont Inc. Announces Resignation Of Ms. Carla Covey As CFO-Form 8-K
Limco-Piedmont Inc. announced in its Form 8-K that effective March 31, 2009, Ms. Carla Covey will resign as Executive Vice President and Chief Financial Officer of the Company.
