CRTC approves Mobilicity!
Earlier today, the CRTC approved Data & Audio‑Visual Enterprises Wireless Inc. (DAVE Wireless) also known as Mobilicity’s ownership structure.
Mobilicity, for “Mobile and Simplicity” with a motto of “No Contract. No Credit Check. Unlimited Wireless” will offer wireless services in Toronto this spring, and will roll out in Vancouver, Edmonton, Calgary and Ottawa later this year.
The CRTC does require some minor modifications before it’s 100% approved. These minor requirements should be implemented in the next 30 days.
Required modifications
The Commission requires DAVE Wireless to file, within 30 days of the date of this decision, an executed Amended and Restated Shareholders Agreement that requires that
- the monetary threshold amount requiring Special Board Approval be increased to five percent of the enterprise value of DAVE as determined by its board every two years, based on a third‑party valuation (section 3.06), except for the hiring of any investment bankers or financial advisers, which can remain at $250,000 (as written in sections 3.06(d) and 3.06(g));
- the board of directors be comprised of four nominees of DAVE Investments, three nominees of QCP, and three Independent Directors (section 3.02(4));
- the Chairperson of DAVE Holdings’ board of directors be a Canadian director and not be a director nominated by a non‑Canadian shareholder (section 3.02(2)); and
- a casting vote be granted to the Chairperson of the board of directors (section 3.02(2)).
Mobilicity launched with a bang but is going down with a whimper. Most of their corporate stores are closing down. Their flagship store in the Heartland town Center in Mississauga, Markham, Scarborough and Downtown are all shutting down. What happened?
Can anyone shed light on this? Why are they closing their flagship corporate stores if they are not going bankrupt?