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Technology Stocks : Plaintree (TSE:LAN,NASDAQ:LANPF)
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To: Glenn McDougall who wrote (1504)9/30/1999 8:03:00 AM
From: David Michaud  Read Replies (1) of 1606
 
NP says Plaintree will ask shareholders to approve merger
Plaintree Systems Inc LAN
Shares issued 18,167,203 1999-09-29 close $0.77
Thursday Sep 30 1999
The National Post reports in its Thursday edition that Plaintree Systems Inc. will ask shareholders in November to approve its proposed merger with Targa Group, the company told its annual meeting yesterday. The merger, which Plaintree executives expect will be approved, is the culmination of a year that has left Plaintree in vastly different shape than it was at least year's annual meeting. Jay Richardson, Plaintree's chief executive, said shareholders were optimistic and upbeat yesterday. "We aired all the dirty laundry of the past year today," Mr. Richardson said after the meeting. Plaintree's salvation is the merger with Targa, a profitable private company that makes electronic equipment for the aerospace sector. Plaintree, faced with mounting losses and slow sales of its gigabit Ethernet switches, wants to assume control of Targa's business in exchange for 46 per cent of Plaintree's shares. Shareholders will receive a proxy information circular on the proposed deal in the next few weeks. A special meeting to vote on the proposal will be held some time in November.

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