A recent Ontario
decision of
Fairstone Financial Holdings Inc. v.
Duo Bank of Canada
(
Fairstone ) became the first
Canadian case to consider material adverse change
(
MAC ) or material adverse effect
(
MAE ) clauses in the context of
COVID-19. In Fairstone, Duo Bank of Canada sought to invoke
the MAC/MAE clause to exit the transaction but the court did not
allow it to do so. This blog explains the reasoning of the
court and takes a broad look at the law of MAC/MAE clauses within
the context of COVID-19.
MAC/MAE Review
MAC/MAE is generally
defined as the occurrence of unknown events that
MONTREAL, Dec. 31, 2020 (GLOBE NEWSWIRE)
Xebec Adsorption Inc. (TSXV: XBC) (“
Xebec” or the “
Corporation”), a global provider of clean energy solutions, is pleased to announce that it has closed its previously announced acquisition of Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. (“
HyGear”) for aggregate consideration of €82.0 million (approximately $127.3 million) and the assumption of €18.4 million (approximately $28.6 million) in net debt (the “
Acquisition”). The purchase price for the Acquisition was satisfied by way of a cash payment in the amount of €42.0 million (approximately $65.2 million) and the issuance of 10,014,364 common shares of Xebec.
HyGear was founded in 2002 in Arnhem, The Netherlands, as a clean-tech company specializing in the on-site production and recovery of industrial gases. HyGear is an emerging developer, manufacturer, and supplier of technology and products for the production, rec
MONTREAL, Dec. 31, 2020 (GLOBE NEWSWIRE)
Xebec Adsorption Inc. (TSXV:XBC) (
Xebec or the
Corporation ), a global provider of clean energy solutions, is pleased to announce that it has closed its previously announced acquisition of Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. (
HyGear ) for aggregate consideration of €82.0 million (approximately $127.3 million) and the assumption of €18.4 million (approximately $28.6 million) in net debt (the
Acquisition ). The purchase price for the Acquisition was satisfied by way of a cash payment in the amount of €42.0 million (approximately $65.2 million) and the issuance of 10,014,364 common shares of Xebec.
HyGear was founded in 2002 in Arnhem, The Netherlands, as a clean-tech company specializing in the on-site production and recovery of industrial gases. HyGear is an emerging developer, manufacturer, and supplier of technology and products for the production, recovery, purificati
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Despite the recent announcement of Ontario s province-wide
lockdown now expected to come into effect on Boxing Day, employers
may still find some cheer in learning that the COVID-19 period has
recently been extended to July 3, 2021. Until then, related measures under the
Employment
Standards Act, 2000 (
ESA), such as those pertaining
to the infectious disease emergency leave (IDEL) and temporary
layoffs, remain in effect.
Extension to July 3, 2021
On December 17, Ontario filed Regulation 765/20 under the
ESA, which
extends the COVID 19 period in Regulation 228/20 until July 3, 2021. As a
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‘Tis the season for dealing with holiday pay, vacation
requests and – though not merry – new health and safety
measures and restrictions. During this year s holidays, it is
important for employers to keep in mind the implications of the
first – and hopefully last – COVID Christmas in
Canada s most populous jurisdictions, including British
Columbia, Alberta, Ontario, Quebec and the federally regulated
sphere.
Parties and gatherings will be low key, different this
year
Canadians in most provinces can expect to host smaller –
or in some cases no – gatherings this holiday season. In Alberta, British Columbia and red zones in Quebec,