British Columbia, Canada – The sale of FRX Innovations operating subsidiary FRX Polymers to a new entity, FRX Acquisitions, has been approved by shareholders at its annual and special meeting by an overwhelming majority. It remains subject to customary closing conditions, and is expected to be finalised this month.
The proposed restructuring, including the sale, was announced in November. Other matters agreed by shareholders include a name change to Fireside Diversified Corporation, and a consolidation of shares. The groundwork was also laid for a potential delisting if the board subsequently determines it is in the best interests of both the company and its shareholders.
FRX Polymers has been struggling to attract growth capital, despite the growing demand for its Nofia polymeric flame retardants. These are manufactured in Antwerp, Belgium, and applications include polyurethane foam, notably when used for seating in public transport.