Special General Meeting August 25, 2020 - Update
Dear Members,
Thank you to each and everyone who participated in the Special General Meeting last night. We sincerely value your expressions of interest, concern, and commitment to the long-term health and well-being of our Cooperative. While Covid-19 has no doubt presented us with unprecedented challenges which are beyond our control, please be assured that your Board will continue to work hard alongside you to source new avenues with which to ensure the long term sustainability of our organization.
On this front, we are pleased to announce that the special resolution presented by the Board was approved by a vote of 37 votes “For” versus 12 votes “Against”, constituting a 75.5% majority. Receiving this strong vote of approval from the membership means that we can continue ushering the transaction through its various legal steps to an ultimate completion on January 1, 2021. What this means to the Co-op is that we will be receiving a very welcome cash infusion which will enable us to keep the store open and serving our members.
While this is very exciting news, I would like to remind members of the importance of keeping this matter confidential as outlined in the Special Resolution Circular of August 11th, 2020 which stated:
"We would like to keep the matter of this proposed licensing transaction with Signatures confidential amongst our members and our Board until such time as the licensing transaction may be concluded. To that end, we kindly request that you do not disclose this Circular, or the fact, or key terms, of the proposed licensing agreement with anyone other than your fellow Co-op members and the Board."
Unfortunately, we have been made aware that confidential information regarding the licencing transaction has spread beyond the membership and this may represent a breach of our commercial undertakings. Please be advised that any member found in breach of this confidentiality policy may have their membership revoked.
