(1) Without limiting the application of any other legal requirements that apply to meetings of security holders and information circulars, this section applies only to a business combination for which section 4.5 requires the issuer to obtain minority approval.
(2) An issuer proposing to carry out a business combination shall call a meeting of holders of affected securities and send an information circular to those holders.
(3) The issuer shall include in the information circular
(a) the disclosure required by Form 62-104F2 Issuer Bid Circular of National Instrument 62-104 Take-Over Bids and Issuer Bids, to the extent applicable and with necessary modifications,
(b) a description of the background to the business combination,
(c) disclosure in accordance with section 6.8 of every prior valuation in respect of the issuer
(i) that has been made in the 24 months before the date of the information circular, and
(ii) the existence of which is known, after reasonable inquiry, to the issuer or to any director or senior officer of the issuer,
(d) disclosure of any bona fide prior offer that relates to the subject matter of or is otherwise relevant to the transaction, which offer was received by the issuer during the 24 months before the business combination was agreed to, and a description of the offer and the background to the offer,
(e) a discussion of the review and approval process adopted by the board of directors and the special committee, if any, of the issuer for the transaction, including a discussion of any materially contrary view or abstention by a director and any material disagreement between the board and the special committee,
(f) disclosure of the formal valuation exemption, if any, on which the issuer is relying under section 4.4 and the facts supporting that reliance,
(g) disclosure of the number of votes attached to the securities that, to the knowledge of the issuer after reasonable inquiry, will be excluded in determining whether minority approval for the business combination is obtained, and
(h) the identity of the holders of securities specified in paragraph (g) together with their individual holdings.
(4) If, after sending the information circular and before the meeting, a change occurs that, if disclosed, would reasonably be expected to affect the decision of a holder of affected securities to vote for or against the business combination or to retain or dispose of affected securities, the issuer shall promptly disseminate disclosure of the change
(a) in a manner that the issuer reasonably determines will inform beneficial owners of affected securities of the change, and
(b) sufficiently in advance of the meeting that the beneficial owners of affected securities will be able to assess the impact of the change.
(5) If subsection (4) applies, the issuer shall file a copy of the disseminated information contemporaneously with its dissemination.